Are you someone who really loves cryptocurrency?
Well, if have invested into Dogecoin, we have some good news for you.
Thanks to the internet’s favourite Meme Connoisseur AKA Elon Musk, CEO of Tesla, the value of Dogecoin had shot up “to the moon”.
The reason behind this is that Tesla recently announced that they will begin accepting the cryptocurrency as legal tender. Musk had even gone to his Twitter stating that consumers can purchase “some merchandise” with Dogecoin.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
As soon as he had announced that, the value of Dogecoin had rose by 15% from RM0.67 to RM0.88. At the time of writing this article, the coin is currently priced at RM0.77. The decision of this was anticipated as a couple months ago, he had agreed with his Twitter followers that Tesla should accept the coin as payment.
For those who did not know, Dogecoin has been around since 2013 where it was created by software engineer Billy Markus and Jackson Palmer. It all started off as a joke but within two weeks of it’s debut, the coin had rose in value from US$0.00026 (~RM0.0011) to US$0.00095 (~RM0.0040).
Is Elon Musk the key to breaking the Cryptocurrency market?
I guess this meme really did it’s justice huh?
If you follow the man on Twitter, you can sometimes realise that he’s the reason why cryptocurrency had fluctuating value due to some reasons. Earlier in the year, he had managed to raise the value of Bitcoin from RM150K to RM180K as he had purchased US$1.5 billion (~RM6.35 billion) worth of the digital currency.
Even back in May 2021, when Musk clarified that Tesla did not sell any of their bitcoin and when he started s**tposting, the price had dropped by 20%.
To clarify speculation, Tesla has not sold any Bitcoin
— Elon Musk (@elonmusk) May 17, 2021
In fact, previously he had also drove the prices of the Shiba Inu coin to drop by 10% as he stated he did not own any of the currency.
When you really think of it, Musk is pretty smart (I am if it isn’t obvious enough) cause he manages to fund SpaceX from crypto alone. If one were to closely follow how Musk invests into crypto, I’m sure people can make it big here as one simple cryoto related tweet can definitely shake the market up.
Do you think it’s wroth to invest more into these meme coins since it now has more potential to go up in value? Let us know your thoughts!
*Sources: Visual and Reference Credits to Social Media, Elon Musk, Coin Market Cap & various cross references for context.
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