TL;DR Breakdown
• Elon Musk Dogecoin tweets prove his powerful participation in the crypto market.
• Dogecoin is trading today at $0.2573, which shows a rise of 7 percent in less than 24 hours.
Elon Musk, the Tesla CEO and the company’s founder enters again into the crypto world. On this occasion, he wrote Dogecoin tweets that benefit the token by helping it increase its value.
Dogecoin, along with other cryptocurrencies, has been affected by China, Japan, and the United Kingdom. Since May, the crypto had lost 50 percent plus an aggregate of its value when it reached its all-time high. However, Elon Musk has reactivated the cryptocurrency price, making this July 1 recover 7 percent of its value.
But Bitcoin, Ethereum, and other cryptocurrencies are holding down after having a bullish streak. The crypto market has not had many movements in recent weeks. For example, bitcoin does not come out of a loop.
Elon Musk and Dogecoin tweets bring profit to investors
Dogecoin was trading below $0.24 yesterday after facing UK regulations. However, with the Dogecoin tweets, the cryptocurrency regained strength and rose to $0.2573 in early July. CoinMarketCap claims that Musk did it again, spoke about DOGE, and raised the crypto price instantly.
Crypto trading after Dogecoin tweets settled at $2,762,760,820 after the announcement went live. However, some experts believe this Doge hike may be a bubble.
Musk and his influence on cryptocurrencies
It is not the first time Elon Musk has wrote Dogecoin tweets because he caused the crypto to skyrocket in April. Before Musk spoke about DOGE in the first months of the year, cryptocurrency was practically unknown. In reality, Dogecoin was a meme-based cryptocurrency that until 2021 had no competitive value.
One of Musk’s recent Dogecoin tweets read “The Godfather, with the caption: “Release the Doge!” It generates many retweets. Although the post on the social network looks simple, it shows that Musk still has power over crypto.
Although the Tesla CEO’s speculations on Dogecoin have been reasonable, it cannot be said for Bitcoin. The cryptocurrency that commands the virtual market was affected by the views of the billionaire a few weeks ago. Musk claimed that Bitcoin was not green when mining; this happened after adopting it for payments at Tesla.
According to public opinion, Elon Musk is like a double-edged sword that benefits and discredits the crypto market. Just as the tycoon has followers globally, several people do not support him.
But for now, his tweets helped a cryptocurrency that almost disappeared after the massive loss in value. Dogecoin and Shiba Inu are among the crypto that has had the most significant movement in value in recent days. Dogecoin has a stable flow, and its value may increase later in the day.
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