Elon Musk, the successful entrepreneur and one of the richest people on earth, has become a household name in the crypto world. He’s known for his innovative ideas and outspoken views on various topics. When it comes to crypto, it’s hard not to associate the tech billionaire with the infamous meme-coin, Dogecoin (DOGE). While the crypto community has mixed opinions about Musk’s influence, there’s no denying that he holds significant sway in the industry.
Musk’s love affair with Dogecoin started back in April 2019 when he tweeted that it might be his favorite cryptocurrency. Since then, he’s become a massive fan of the popular meme-coin, often expressing his fondness for it on Twitter. With nearly 134 million Twitter followers, Musk’s tweets have a massive impact on the price of DOGE.
It’s no surprise that Musk, who’s known for his love of memes, is drawn to the largest meme-coin by market capitalization. During the previous bull market, DOGE even briefly became the third largest crypto by market capitalization, behind Bitcoin (BTC) and Ethereum (ETH).
During the last bull run, DOGE’s price often reacted sharply to Musk’s tweets, which were usually vague in nature. Thanks to the controversial entrepreneur, Dogecoin has become one of the success stories of the past bull run.
Even during the bear market of last year, the price of DOGE skyrocketed after Musk took over the social media platform Twitter. In late October, Dogecoin surged by a whopping 170% as investors became hopeful about the meme-coin’s possible integration into the platform.
In 2021, Musk admitted to holding Bitcoin, Ethereum, and Dogecoin in his crypto holdings. However, he still believes that Dogecoin is better than Bitcoin.
In conclusion, Elon Musk’s influence on the crypto industry, particularly on Dogecoin, cannot be ignored. While some may view his impact as negative, others see it as a positive force that brings attention to the industry. Whatever the case may be, it’s clear that the love story between Musk and Dogecoin is here to stay.
Disclaimer: This blog post is for informational purposes only and should not be construed as financial advice. The information provided may contain errors, and the author and publisher are not responsible for any actions taken based on the information provided.