TL;DR Breakdown
- Dogecoin price surge after Elon Musk tweet.
- Stopping Elon’s influence in the crypto space.
Dogecoin has again spiked by 20 percent minutes after another pro-DOGE tweet from Tesla’s CEO Elon Musk. The billionaire, in a tweet, posted a one-dollar bill and DOGE.
This led to the immediate surge in the price of the meme coin. Elon posted a picture with a text reading “cyberviking.” In the background, though, there’s a slightly blurred one-dollar bill.
He captioned it, “How much is that Doge in the window?” The Tesla CEO, since its inception, has been openly supportive of the meme coin.
His influence has made many celebrities enthusiastic about the coin and several random people globally, all waiting for the coin to hit $1.
The coin came close to $1 a few weeks back, becoming the fourth-largest crypto by market cap, and was close to overcoming BNB for the third spot.
However, like always Dogecoin’s price retraced immediately after the billionaire’s tweet. It traded at $0.36 following the most recent market crash but spiked by about 20 percent to an intraday high of $0.42.
Amidst the recent crypto market dip, DOGE is still well ahead year-to-date. The current price level of $0.4 means that Dogecoin has surged by over 6,500 percent since the start of 2021.
Elon Musk’s Dogecoin and crypto influence to stop
Informed by his announcement that Tesla would halt Bitcoin payment and its aftermath (Crypto crash), a new decentralized currency has come into play STOPELON. The coin aims to stop or reduce Musk’s influence in the crypto market and end-market manipulations by investors.
The token is one of the first to act against what Elon Musk says by granting a stable value.
Elon Musk has exercised a lot of influence on the crypto market, especially on Doge and Bitcoin. Months back, when he announced that Tesla invested in Bitcoin and would begin accepting crypto payment, the market went all green in response to Musk’s announcement.
The same has occurred with Dogecoin severally as rumors went wild about the billionaire being under SEC (Security and Exchange Commission) investigation for his involvement in manipulating the price of the meme coin.
