-
Casinos for you
Dogecoin - the People’s Cryptocurrency - Continues Incredible Price Surge
By Shane Addinall Feb 12, 2021 IndustryTesla CEO, Elon Musk ends self-imposed Twitter exile to talk up cryptocurrency, Dogecoin. Analysts fear Musk’s influence believing it hurts the ‘little guy’, urging regulators to get involved.Cryptocurrency is currently stealing the spotlight when it comes to the latest news and updates.
Celebrities and influential market influencers are driving talks and spreading the word to keep the focus on these currencies.
Elon Musk is one of the big names currently making the biggest impact on the industry through simple engagement techniques.
A Tweet of Glory for Dogecoin
After Elon Musk made the bold move of changing his Twitter bio to simply ‘Bitcoin’ the cryptocurrency had a massive influx in price and interest.
Shortly after Musk focused his efforts on Dogecoin making tweets on how this currency has become the people’s currency. Some tweets go as far as claiming it is ‘The future currency of Earth’.
Tesla’s CEO is only one of the many celebrities who have grown fond of this cryptocurrency. Other big names joining the “DOGE squad” includes rock star Gene Simmons and rapper Snoop Dogg.
On Sunday 7th February 2021 DOGE’s prices rose with over 36% after the trio tweeted a meme of Shiba Inu. The three were having fun sharing edited imagery of one another while promoting the cryptocurrency. Snoop Dogg tweeted an edited cover to his seventh album mentioning Musk, the Kiss lead singer and co-founder, Simmons posted a photo of Snoop Dogg as a monkey image of Rafiki holding a mascot DOGE instead of Simba. The image played on the popular Disney cartoon of The Lion King. And then Musk tweeted a new version of his meme.
The Dogecoin Price Gain
For Dogecoin the interaction between the influential has created a massive influx in price. About two weeks ago DOGE experienced an 800% gain when WallStreetBets investors pumped prices to almost $0.08.
It is almost impossible to believe Dogecoin started as a joke back in 2013 and is now considered the 12th most valuable cryptocurrency by market value. There has been no real focus on developing its road map or implementing protocol upgrades since 2015. Instead, this cryptocurrency has managed to grow purely through the power of memes and social media.
Musk’s Influence
It has been noticeably clear that the Tesla CEO has a strong influence over the current market growth and price increases.
Musk pledged to take a short break from Twitter but shortly after tweeted that dogecoin is the people’s crypto.
At the time of the tweet the token which traded at $0.0411 on February 3, surged to $0.0588. Musk’s influence has helped push the token price up more than 400% in the week with its market capitalization standing at about $6.74 billion.
It is remarkable the effect the power player had on Bitcoin, by simply adding it to his bio it resulted in the value surging more than 20% in a few hours.
Unfortunately, not everyone is impressed with Musk’s influence and the way he is choosing to use his ‘Tweeting power’.
Several analysts have already accused Musk of using his influence to drive the market, stocks, and crypto-assets in favour of him and his friends. Some are even pushing for regulators to get involved, stating this drastic influence is hurting the ‘little guy’.
You might also like