Just like major cryptocurrencies, Dogecoin has had some dark months. The collapse of the markets has not only affected the large cryptos by market capitalization. As a result, the DOGE was not spared since it had been trading in the red for a few months. Surprisingly, it finally went green after a statement from Elon Musk on his Twitter account.
Elon Musk, the “Godfather” of Dogecoin?
Elon Musk is known as a successful entrepreneur. Owner of two large companies including Tesla and SpaceX, his reputation follows him everywhere. However, the billionaire is not content to just run his businesses. Indeed, the crypto industry offers great earning potential. As a result, it attracts many investors, both individuals and companies.
Like any good entrepreneur, the CEO has seen the potential of this market and does not hesitate to get started. In recent years, Elon Musk has been very active in this sector. His zeal has already been noticed with the adoption of bitcoin (BTC). The investor did not hesitate to promote bitcoin and integrate it into the payments of certain products of his companies. Despite the turmoil between investor and crypto, he continued to believe in cryptocurrencies.
Now, the creator of the first self-driving car has set his sights on another crypto: Dogecoin. The crypto meme is struggling to stand out in the market and stabilize. While the price of other assets was going well, the DOGE was struggling to reach the dollar mark. The fall in the markets did not help the situation either. After a period of general panic regarding the future of this asset, Dogecoin makes a remarkable leap and surprises everyone.
Thanks to Elon Musk, the DOGE regains the hair of the beast and joins the top 10 cryptocurrencies. The billionaire announced on June 19 that he continues to accumulate DOGE tokens despite the current market correction. An exit which boosted the course which first rose to 0.056 dollars. Currently, the crypto is trading at $0.068, up over 11%.
Despite a lawsuit, the CEO continues to support DOGE
The crypto universe has suffered huge losses since the crash of Terra (LUNA). More and more people are wondering about the future of cryptocurrencies. As more and more investors make statements in support of bitcoin and cryptocurrencies in general, Elon Musk’s publication comes as a surprise to many. Its behavior towards this crypto remains mixed. Recall that in May of last year, his passage on Saturday Night Live sealed the course of the DOGE.
For some people, Elon Musk is pumping Dogecoin. After a 258 billion lawsuit brought by an American citizen, one would expect him to take a step back. But it is quite the opposite, especially since this lawsuit was intended to prevent the billionaire from promoting this crypto. By claiming that he accumulates crypto tokens, he goes against the prescription of his lawsuit.
Thanks to him, the canine crypto has largely increased and climbed into a highly coveted ranking. Despite people’s protests, Elon Musk’s assertion seems welcomed as the price has literally exploded. But it does not stop there ! To accentuate its support for Dogecoin, it works in collaboration with the developers of the token in order to propel it to the same level as bitcoin. The new improved version is expected to be released this summer. He also mentioned his intention to use Dogecoin for the purchase of goods.
Dogecoin is finally exiting the current market correction thanks to support from Elon Musk. While the markets are uncertain, DOGE leaps forward and enters the top 10 largest cryptos alongside bitcoin, Ethereum and Cardano. Although the course of the crypto meme has exploded, the CEO of Tesla does not intend to stop there.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.