It’s true; nobody can deny that whenever Elon Musk tweets about cryptocurrency, prices skyrocket.
That is what happened with DogeCoin; yesterday, one of the world’s most influential people and Tesla CEO Elon Musk tweeted about an alternative Bitcoin.
The tweet reads, “Doge Barking at the Moon,” and features a painting by Joan Miro, a Spanish painter, and sculptor.
Everyone is aware of Elon Musk’s high demand for cryptocurrency, and his involvement has played a significant role in the digital currency’s meteoric rise.
DogeCoin Soaring with No Limits: Since Wednesday, DogeCoin’s stock market value has increased by 68 percent, and as of Thursday, the coin’s value is $0.13, or nearly 14 cents. There is no denying that Dogecoin achieved the milestone for the second time this week, and they should undoubtedly thank the world’s wealthiest man, Elon Musk. Dogecoin has increased by more than 100% today, reaching an all-time high of $0.298, according to cryptocurrency news and data provider Coindesk. This revelation prompted high-profile investors to consider and invest in this alternative cryptocurrency.
Dogecoin gained popularity after Mr. Musk began tweeting about it, as evidenced by the increase in its value. While Bitcoin is widely regarded as the most lethal cryptocurrency, there are numerous alternatives available, with Dogecoin setting the standard. Recap & Musk’s Involvement: Dogecoin began as a joke in 2013, but Elon Musk was instrumental in giving them a real push and assisting them in establishing themselves in the digital market. Numerous technology titans, social media influencers, and Elon Musk expressed interest in the Meme Coin. In February, with the simple tweet “Dogecoin is the people’s cryptocurrency,” he increased the value by 75%. Dogecoin has already proven its worth, with Mark Cuban’s Dallas Mavericks basketball team completing 200,000 transactions.
Such rapid growth of approximately 112.89 percent with a value of 30 Cents sounds irrational and impossible to achieve in less than 24 hours. This is the first time the Shiba Inu-Themes coin has exceeded the 8 cent mark.
According to industry marketing experts,
“As Dogecoin is currently considered to be completely community-driven, it is unlikely to see institutional adoption.
It’s also given because, unlike Bitcoin, there is no cap on the number of Dogecoins that can be created,” one of the experts explains. Modi, he continued,
“The fair price of any cryptocurrency can be calculated based on earnings expectations or dividend yields, neither of which can be seen structured for this coin at the moment.
Additionally, there is no technical team or roadmap to consider the DogeCoin’s qualitative factors.”Cryptocurrency may become the following primary tool for money exchange, as several elite companies have begun accepting Bitcoins, including Tesla, which represents a tremendous opportunity for DogeCoin. Nobody can deny that DogeCoin has the potential to be “The Next Big Thing” in the cryptocurrency market.