Love it or hate it, Elon Musk’s dominance of the cryptocurrency market is making an impact. The leader of Tesla and SpaceX changed its display image on Twitter, where Dogecoin jumped 10%. What is chaos? Elon Musk’s latest image is his image with Doge, the Shiba Inu symbol of Dogecoin, reflected in his crystal-clear eyeglasses. Like a regular photoshop fanboy, right?
Dogecoin co-founder Jackson Palmer recently took back on Twitter and expressed his frustration with the current cryptocurrency market. In his tweet, he described how the cryptocurrency was able to make money “free to everyone”. The day after that tweet, Elon Musk started a conversation about his son holding the Doge as a champion, expressing his interest in cryptocurrency.
When a speculator opposes the cryptocurrency, the market goes bankrupt. But despite rumors of lawsuits (including Dogecoin), Jackson Palmer could make an impact in the cryptographic world, where Elon’s image revealed a thousand words and brought the importance of Dogecoin together. And 10%.
Don’t you like it when something other than makes the price of your cryptocurrency goes up? Well, the other Dogecoin supporter, Billy Markus, was disappointed. His tweet highlighted Billy’s concern about the importance of Dogecoin, as Musk’s biggest ever hit of Dogecoin spurred on by Musk disappears in a short period. In May 2021, Dogecoin grew more than 15,000%, from $0.004 to $0.70. Soon, the constraint passed and almost 70% of its value was lost by Dogecoin.
When Dogecoin was made, it was intended to be a joke. But thanks to Elon Musk, the value of Dogecoin has risen. He calls himself the Dogefather and begins the story with Elona’s experience. The CEO received billions of dollars of strong criticism from market experts for being aggressive in his comments and people went so far as to create a sign to spread the message called StopElon.
You could say that Elon Musk is trying to be comfortable with his models, but the fact that he can drive markets doesn’t seem to fit in with most investors. Behind all that, can you imagine your investments being managed by a billion-dollar bill? In a much broader scheme of things, the cryptocurrency market brings both pros and cons.
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