There are a lot of factors that have contributed to the incredible success of cryptocurrencies. The technology, availability, and profit margins were all great motivators for people to invest in cryptocurrencies. And so far, all of these factors seem to be working very well for the crypto industry.
Another major factor that has influenced people to buy cryptocurrencies is the rise in influencers. These influencers simply point in the direction towards crypto, and it happens to rise by an incredible margin. And there is no other more prominent influencer in the field right now than Elon Musk.
The current CEO of Tesla and SpaceX has been a very vocal supporter of cryptocurrencies as a whole. Nearly all of his businesses have a stake in different cryptocurrencies, with Musk himself having invested million into various projects. In fact, his love for cryptocurrencies is so well known, that the community has also named him the Dogefather.
Over the years, the richest man on the planet has caused quite the chaos in the crypto market from time to time. He once mentioned that his company will soon be accepting Bitcoin, and the prices for Bitcoin happened to jump by an incredible margin. He has also done the same thing with Dogecoin. He regularly tweeted to or replied to tweets about Dogecoin, which people used as signs that it was a good option. The top meme crypto has been able to take advantage of the Dogefather multiple times.
Recently he also gave rise to another meme coin by the name of Shiba Inu, which blew up after Elon shared a picture of his dog. In a matter of weeks, the coin was able to rise by over 500%, and eventually made it to the top 10 crypto in the market.
But there seems to be a new meme currency in town, and that one is also inspired by Elon Musk. Better known as Dogelon Mars, this new cryptocurrency managed to take the world by storm, as it saw an increase in value of over 4000%. This rise has put the current day success of Shiba Inu in a questionable state, as people are considering jumping ship.
The creator of the new crypto craze is saying that the project will evolve with the market, and they hope to see great success over a long time. And so far, the creator of the crypto has proven himself right, as the market cap for Dogelon Mars continues to rise. When starting out, the market cap was closer to $26 million. Since then, the crypto has jumped to $1.4 billion.