Elon Musk tweet pushes Dogecoin prices up again

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Cryptocurrencies have been on a seesaw ride ever since their inception. While some people are happy to accept it as a wider currency of exchange, regulators are still wary of its legitimacy. Another strike against its acceptance is the large amount of energy consumed in mining for Bitcoins. 

But be as it may, tech companies and honchos are in favor, as has been borne out by Elon Musk (Tesla), Jack Dorsey (Twitter), Apple, Amazon and Microsoft’s plans to incorporate it as a legitimate payment mode.

Dogecoin is up a staggering 6,000% compared to last year’s prices due to wild speculations.

Cryptocurrencies see upsurge fueled by Musk and influencers

The crypto prices, which have been on a wild swing, witnessed another surge this week after Elon Musk and Jack Dorsey signaled their support at the live discussion hosted by Crypto Council for Innovation. The bitcoin price has added around 7% over the last few days, while Ethereum, Binance’s BNB, Ripple’s XRP and Dogecoin have climbed between 5% and 12%—pushing the combined crypto market value up by $200 billion since Wednesday.

Elon Musk Dogecoin Price Bitcoin

Musk also said that he owns some Bitcoin, Dogecoin and Ethereum. Musk also talked of combining Ethereum and Dodgecoin to “max transaction rates and lower transaction costs.”

“There may be some merit in combining something like ethereum and dogecoin,” Musk said.

Dorsey said during the discussion that the cryptocurrency could function as the Internet’s “native currency” in a way that would help businesses small and large grow “in a much faster way.” He added that the social media giant “would certainly not have the dependency we have upon the advertising business model if Bitcoin existed pre-Twitter.”

Musk also shared a Dogecoin belief on Twitter on Sunday saying that the meme coin isn’t a speculative asset but rather “dogecoin is money.”

“I’m trying to tell you dogecoin is money,” the meme, shared by Musk on Twitter, reads; a twist on a popular Matrix movie quote that asks whether dogecoin could make someone “a lot of money.”

As expected, his tweet sent the Dogecoin price over 20 cents per Doge token on popular U.S. crypto exchange Coinbase – which has started hosting Dogecoin from last month only. It soon fell back on its earlier price in consonance with the other cryptos.

Dodgecoin soared to over 70 cents in May fueled by Musk and other social influencers’ push, but the prices soon crashed by 75 percent. This happened after Musk called Dogecoins a hustle in his Saturday Night Live appearance.

However, Dogecoin’s still up a staggering 6,000% compared to last year’s prices due to wild speculations.

Musk has also announced that SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022, with its commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment.

Dogecoin was launched as a joke in 2013.

The post Elon Musk tweet pushes Dogecoin prices up again appeared first on Industry Leaders Magazine.

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