Elon’s Tweet Shifts The Tide
Elon Musk is the only individual with the power to influence markets with a single tweet. Every time the celebrity CEO, who has over 57 million Twitter followers, tweets on cryptocurrencies, ‘practically’ shakes the market. In fewer than 280 characters, the billionaire and Tesla CEO pushes the price of bitcoin and Dogecoin up and down.
Now, after his recent publicity stunt, the price of Dogecoin (DOGE) approaching 8%, the cryptocurrency may require a new marketing approach.
What is DOGE?
Dogecoin (DOGE) is a cryptocurrency whose logo is a Shiba Inu and is based on the famous Internet meme “doge.” Dogecoin’s creators envisioned it as a fun, playful cryptocurrency that would appeal to more folks than only Bitcoin users.
In a tweet on July 8, “Dogefather”, Musk asserted that Dogecoin could be a better payment mechanism than Bitcoin (BTC) or Ethereum (ETH). Musk responded to crypto YouTuber Matt Wallace. Wallace expressed his excitement over an upcoming protocol update, the latest in a long line of plugs.
“BTC and ETH are working on a multilayer transaction system, but the base layer transaction rate is slow, and transaction costs are high.”
DOGE and The Current Market
The current Dogecoin price is $0.218396 USD, with a 24-hour trading volume of $2,901,278,982 USD. Dogecoin has gained 2.39 per cent in the last 24 hours.
SHIBA INU (SHIB) had previously competed with DOGE as retail investors rushed into meme trades. Musk has unwittingly diverted attention away from DOGE with his social media efforts. The pair is still down 70% from its all-time highs on May 8. This happened since Musk appeared on Saturday Night Live to promote Dogecoin.