As the present crypto rout continues, Bitcoin and Ethereum are each down 30% over the previous week and the whole crypto market cap fell to $830 billion. However Elon Musk declared he’ll “preserve supporting Dogecoin.”
That was sufficient to make DOGE spike 8% to $0.058.
In fact, 5.8 cents is a far cry (a 91% drop, to be precise) from the 72 cents Dogecoin touched in Could of final yr, when Musk hosted “Saturday Night time Reside” and Dogecoin obtained a point out in his opening monologue and on Weekend Replace. (“It is a hustle,” Musk responded to Michael Che’s query about DOGE.)
Musk has been Dogecoin’s most high-profile cheerleader since April 2019 when he tweeted, “Dogecoin could also be my fav cryptocurrency.” All through 2020 and 2021, Google searches for Dogecoin spiked each time Musk tweeted concerning the meme coin. In Could 2021, Decrypt reported that Dogecoin builders had even been in shut contact with Musk about modifications he needed made to the code.
Extra just lately, Musk (together with Mark Cuban) has advocated for the usage of DOGE for funds, which might make the joke coin an actual utility and fewer of a joke.
And in his current bid to purchase Twitter, Musk has repeatedly mentioned one of many fast options he’d implement is Dogecoin tipping (Twitter presently solely helps tipping in Bitcoin) and the acceptance of DOGE as cost for premium providers like Twitter Blue.
It is onerous to see what would wish to occur for DOGE to get again to 72 cents when it is sitting round a nickel, but when Musk retains pumping it, something is feasible.
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