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 Firms are buying in almost every day.
So It’s refreshing that the dogecoin (DOGE), created in 2013 as an amusing joke, continues as a source of entertainment, even though it is showing signs of leaving behind its playful puppy-like 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 MuskThe billionaire entrepreneur who’s DOGE-friendly announcements from earlier this year also led to rapid price rises.
“SpaceX is going to put a literal dogecoin on the literal moon,” Musk Today, around 10:25 UTC (around 6:25 a.m. 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 The tweet sent on April Fool’s It’s possible that it had something to do.
April Fool’s Day CoinGecko data provider CoinGecko reports that the tweet from the DOGE whisperer, whether it was a joke, sent the cryptocurrency soaring upwards from $0.053 up to $0.070. The The cryptocurrency reached a new level of 32%, the highest since Feb. The 13th marked the end of the week-long slumber, which was in the range $0.050-$0.055. The Token’s market cap is now $8.2billion.
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 DOGE was listed on the U.S. based Coinbase exchange.
While It appears that the price of Dogecoin is at a mercy of 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 In the US, there are 1,800 ATMs.
Companies CovCare, a medical-supplier, sports brand Wooter Apparel Basketball team Dallas Mavericks Dogecoin is a popular alternative payment method. MeanwhileThe surge in the price of the token has caused technical development to resume on the cryptocurrency, threatening to transform the lighthearted token into an even more serious breed.
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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