Dogecoin is in the grip of a mask .. a new “tweet” brings the currency back to fourth place
To be sure, the future of the cryptocurrency "Dogecoin" has something to do with the words of American billionaire Elon Musk.
Yesterday, the CEO of American automaker Tesla took a heavy blow to the digital currency, and today he corrected his mistake with a positive statement.
Last Saturday, when Dogecoin appeared on Saturday Night Live, Musk answered the question about the secrecy of his support for Dogecoin and said: "This is the future of currency... it is a kind of Unstoppable financial instruments can take over the world," and shocked everyone when he confirmed it was a "scam."
The billionaire clown smashed Dogecoin. The mask broke his legend with 10 words
Dogecoin: The Unknown Soldier of the Cryptocurrency Market
After these shocking comments, Dogecoin fell by more than a third on Sunday, setting a record of $0.416 on the Binance Cryptocurrency Exchange, down 36 from the $0.65 before the scene on Saturday night. %.
Supporting statements from Musk
Today, Tuesday, when the American billionaire asked his Twitter fan Tesla whether he should start accepting Dogecoin as a payment method for his cars in a tweet, he once again supported digital currencies.
After the move was seen as legitimizing these digital assets, Musk’s problems allowed cryptocurrency to regain its status as the fourth most valuable digital currency on Tuesday.
According to Forbes, the price of Dogecoin has risen by about 14% to about 53 cents after the tweet was released, and this weekend Musk hit a record high of 73 cents before live broadcast on Saturday Night.
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Dogecoin's market value growth
The further increase in the value of cryptocurrencies has helped Dogecoin's market value increase to more than 68 billion U.S. dollars, surpassing XRP to become the fourth most valuable cryptocurrency.
Within 60 minutes of Musk’s tweet, he received more than 1 million comments, of which 80% of the responses supported the ideas put forward by the American billionaire.
He can say anything he wants to Dogecoin or cryptocurrency because he knows that just saying a few words will raise the price," said James Engel, an associate professor at Georgetown University’s McDonough School of Business, who specializes in this area. .
And Elon Musk is almost the biggest reason for Dogecoin’s unexplained 800% rise in the past month.
Given the controversy over digital currencies, Dogecoin has risen by approximately 10,000% in 2021.
Confusing tweets
And Musk caused the currency to rise through his multiple tweets, which is in line with his expectation that Dogecoin will outperform other digital currencies.
But this currency, which has almost no advantage to prove its superiority, is still doubtful even if its value appreciates sharply.
The currency was originally created to make fun of the cryptocurrency world, and its issuance limit does not have the same rules because it is symbolized by the image of a dog. Shiba Inu.
This kind of digital currency has no application in real life, and there is no achievable project or goal.