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Elon Musk’s influence on the crypto space has been proved yet again
Everyone in the decentralized ecosystem is aware of the effect billionaires have on cryptocurrency. One such billionaire, who also happens to be the richest man in the world has been making the rounds on Twitter. His Name Drumroll Please…….ELON MUSK, the man who aims to put human beings on Mars. He also owns a little car company called Tesla, which only has a measly 650 billion market cap, Not impressed ELON.
Elon Musk and the Doge Mania
In May, Musk aggressively championed the adaption of DogeCoin as a means of payment. He even went as far as to accept DogeCoin as payment for SpaceX. Due to the hype surrounding DogeCoin in may, the price of the coin skyrocketed from 0.01 USD to 0.72 USD. the rise instantly created multiple millionaires. early investors in this supposed meme coin/dog coin made millions of dollars in May. But the rise was short-lived. Elon’s “Doge Coin is a Hussle” Comment in an SNL episode decreased the price of Doge to 0.32 to 0.73, over a 50 per cent drop in value. And investors who put in their money before the SNL, hoping for a quick profit were crestfallen.
Shiba Inu “The Doge Killer”
Elon just tweeted that his dog would be named Floki. Something unrelated to the world of cryptocurrency, But as we all know, the crypto market relies on sentiment. And this proved to be true yet again. Seconds after the tweet, DogeCoin went up by 5 per cent, and Shiba Inu saw a 10 per cent rise.
Also Read DogeCoin A Multi-Billion Dollar Joke
