[New post] Dogecoin’s value rises after Elon Musk agrees that it is the “strongest” cryptocurrency.
Rishabh Soni posted: " Elon Musk's "effect" may still continue, despite the fact that it has been a few weeks since he commented directly on his favorite cryptocurrency, Dogecoin. Dogecoin started out as a joke. However, in 2021, this joke seems to anger those who don't take m"
Elon Musk's "effect" may still continue, despite the fact that it has been a few weeks since he commented directly on his favorite cryptocurrency, Dogecoin. Dogecoin started out as a joke. However, in 2021, this joke seems to anger those who don't take memetic cryptocurrencies seriously. Meme cryptocurrency Elon Musk won't stop tweeting and hit a record high in mid-April, breaking 10 cents for the first time. This is the highest price ever paid for a cryptocurrency and is the result of a semi-satirical campaign involving thousands of buyers, tens of thousands of online posters, and the world's richest man, Elon Musk. At the beginning of January, the value of each token was less than 1 cent. In late January, when the GameStop and DogeCoin campaigns were making strides, the value of DogeCoin soared to 7.5 cents, more than 10 times, and then fell to 2.5 cents. The tokens have been spent in the range of three to seven cents over the past few months.
Musk, now also known as the "dogefather" of solidarity cryptocurrency, recently publicly commented that Dogecoin may be the current "strongest" cryptocurrency. Billionaire businessman Mark Cuban (Mark Cuban) claims that Dogecoin is the most powerful cryptocurrency because it is a medium of exchange, endorsed by Musk on Twitter. Cuban told CNBC last week that "the governor's community is the strongest when it comes to using it as a medium of exchange."
In response to the CNBC article on Cuban's claims, Tesla boss Musk wrote on Twitter Saturday: "I've been talking for a while."
According to CoinDesk data, after Musk's tweet, Dogecoin witnessed a sharp rise on August 15 and August 16.
Musk really said it. It's been a while. In May this year, Musk said in an interview: "Cryptocurrencies are very likely to become the future currency of the world. So the question is, who will win? It can be multiple, "he said.
He then explained how Dogecoin was invented as the origin of a hoax, essentially to poke fun at cryptocurrencies. This is ironic, Musk explained. "The currency that started as a joke has become a real currency."
In the video, he added: "Do not invest your life savings in cryptocurrencies. That would be reckless. "
Tesla CEO and SpaceX owner Elon Musk appears to have a part-time job running crypto prices on Twitter. The billionaire who has always supported Bitcoin and the meme currency Dogecoin, tweeted again about meme-based cryptocurrencies on Thursday night. This is not the first time Musk has done this, not even the second or third time. Every time Musk mentions cryptocurrency, the price of cryptocurrency will spike (usually after the final decline). Internet detectives not only linked this phenomenon, they even named it: "Musk Effect".
Dogecoin, like Bitcoin, is a digital currency used for electronic transactions. The Governor is a reference to the "Governor" meme and has the image of Shiba Inu. It is a cryptocurrency, a form of digital currency, and, like Bitcoin, it allows peer-to-peer transactions through a decentralized network.
Since its establishment, the Doge has also been used to donating to charities. These include the 2014 Jamaican bobsled team that failed to participate in the Sochi Winter Olympics, a NASCAR racer named Josh Wise, and a Kenyan clean water project called Doge4Water.
At the peak of emoji popularity in 2013, Palmer, an Australian marketer, made a joke, combining two of the hottest topics on the internet: cryptocurrencies and Doge. He bought the domain name Dogecoin.com and loaded a Photoshop-processed Shibe into the coin.
"If you want Dogecoin to become a reality, please contact us," the website says. On the other hand, IBM software engineer Billy Markus got in touch and put Dogecoin online. According to data from crypto data company CoinMarketCap, Dogecoin has surged by more than 60% in the past 24 hours, and transaction volume has increased by 1,421%. The peak price of
Dogecoin in 2018 was about 2 cents, just before it collapsed with other cryptocurrencies. The report shows that, as of the beginning of 2019, Dogecoin has lost nearly 90% of its value, and the transaction price is only one cent-until now.
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