Elon Musk's tweets keep sending dogecoin into the stratosphere, now with a market capitalization over $8 billion.
Cryptocurrency markets have matured in the past 12 months, with macroeconomics and blockchain-technology developments influencing prices more than ever and new Wall Street Every day, it seems, there are new firms that buy in.
So It’s refreshing to see that dogecoin, which was created as a joke in 2013, continues to be a source for amusement, even as it shows signs of moving beyond its playful puppy days.
The Digital token, symbolised by the Shiba Inu Dog breeds have reached a six-week peak Thursday After a Tweet by Tesla SpaceX CEO Elon Musk, the billionaire investor whose DOGE friendly announcements earlier in the year have also led rapidly to price increases.
“SpaceX is going to put a literal dogecoin on the literal moon,” Musk Around 10:25 (6:00 a.m. ET) today, Twitter was tweeted. ET) today. Musk’s Tweet did not explain this seemingly impossible feat, as digital currencies by definition have no physical structure and are therefore not literal anything. Perhaps Tweets are sent out on Twitter April Fool’s It’s possible that it had something to do.
April Fool’s Day Whether it was a joke or not, the tweet from the noted DOGE Whisperer sent the cryptocurrency soaring from approximately $0.053 to $0.070 according to data provider CoinGecko. The The cryptocurrency reached a new level of 32%, the highest since Feb. 13 and marked an end to a week of slumber between $0.050-$0.055. The The market capitalization of token is now $8.2 Billion.
Musk Dogecoin was previously known as “the people’s crypto” The cryptocurrency of Mars.
The The billionaire investor warned that cryptocurrency is becoming too concentrated. February, triggering price drops. Last month, Musk Supported the idea of DOGE being listed on the U.S. Coinbase exchange.
While The price of dogecoin appears to be at the mercy Musk’s The digital token, which is usually used to send humorous tweets and jokes, has now been used for a variety of purposes, not just yucks and speculation.
Also read: Dogecoin Bounds Onto There are 1,800 ATMs across the US
Companies CovCare, a medical-supplier, sports brand Wooter Apparel Basketball team Dallas Mavericks Dogecoin has been adopted as an alternative payment method. MeanwhileThe price surge of the token has prompted technical development on the cryptocurrency. This could turn the fun token into a serious DOGE.
Should If that happens, the crypto world will be a little less fun.
The The price of cryptocurrency has already started to return to normal. Earth As this story is being written: As As of the time of this publication, the price had dropped to 6.1cents, reducing the gains for the day to 14%.
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