Apparently, tweets matter a lot when it comes to the World Richest Person. There is no doubt that Billionaire Entrepreneur Elon Musk is showing a great deal of support for the meme-based cryptocurrency $DOGE. Multiple tweets in support of the coin have definitely kept its candle lit, pushing the digital currency above the 0.05$ level and enabling $DOGE to gain an astounding 4.16% in the crypto market.
According to some analysts, the internet sensation Elon Musk is likely to have contributed an impressive 420% plus an increase in the value of the coin, leading it to reach all-time highs of $0.087.
The coin, however, is seeing a lot of downward trends on multiple occasions. Musk’s tweets are the only reasons that seem to revive the prices of the asset again after a downward trend. After expressing his concern about the number of DOGE wallets, he offered his “support to major Dogecoin holders, if they agree to sell most of their coins”. It feels as if Mr Musk’s tweets and support are the life support for the asset.
The Musk Effect
This constant hype for cryptocurrency from Elon Musk has definitely contributed to its growing popularity time and time again, especially when that hype is being pushed by one of the most popular persons in the world currently. Doge is currently ranked as the 14th crypto in the world and has a market cap at $6.7 Billion, which is a huge deal for any crypto.
Investors are unable to resist the urge to get into crypto markets after seeing so much support for crypto. After Tesla announced an investment of 1.5 Billion Dollar in Bitcoin, the crypto market got even more hyped as Bitcoin fans rejoiced on this amazing move, attracting even more users and investors into the crypto space.
However, it did question the loyalty of Elon and where his interests lay. Choosing Bitcoin even after all the Dogecoin hype has surely led to many speculations about Mr Musk’s desires. Many people have believed that it is just a hype and dump strategy to gain followers.