Elon Musk brings Dogecoin ($DOGE) into the limelight by tweeting about it yet again and giving it a big boost in the markets.
What started as a meme cryptocurrency ($DOGE) almost 10 years ago is now becoming a viable way for traders to earn a bit of money. And it is all thanks to Elon Musk.
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Doge, like the meme, had been dead for years. However, some social media influxes decided to invest in the coin for novelty reasons. At the start of the year one Dogecoin ($DOGE) was worth less than 1c so a lot of wealthy influencers bought millions just so they could call themselves Dogecoin millionaires.
The recent rush of investment has actually raised the value of the coin, but unfortunately it was still having failures to launch.
Many daydream traders were hopeful that Dogecoin would hit the USD$1.00 value late January but sadly it value peaked at 10c.
Dogecoin was burdened by its availability. Only a handful of exchanges actually accepted bitcoin making it virtually impossible for Dogecoin to proverbially rocket to the moon.
US-based cryptocurrency exchange Kraken were one of the few to buy/sell Dogecoin and they took on a lot of traffic the first time Elon Musk tweeted about the coin.
Now more exchanges and retailers are accepting Dogecoin because of its sudden spike in popularity. But we’d still recommend Kraken because of their amazing support team and low fees (sign up within minutes here!)
As more and more exchanges and retailers start accepting Dogecoin it becomes increasingly more likely that might actually hit USD$1.00, especially considering that Elon Musk has tweeted about Doge, for the third time in one month.
The world’s wealthiest man, Elon Musk, has been pretty sound when it comes to giving financial advice. He’s also been seen as a champion of the people for making the “GameStonks” tweet before it become international news. Now the tech billionaire is getting behind $DOGE, at least vocally.
Elon Musk’s main concern with the Dogecoin is how many people are currently hoarding the it.
On Feb 15th Musk tweeted: “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is my only real issue, in my honest opinion.”
Musk’s concerns were legitimate. Such high concentration means that that key investors can pump and dump the currency and screw over smaller investors… but perhaps that has now been resolved.
Today Musk sent out, yet another, cryptic tweet about the Dogecoin.
“Dojo 4 Doge,” Musk tweeted, seemingly supporting the meme currency but sadly not everybody was happy with that.
Musk was already considered a bit of a villain by people who consider themselves “serious investors” when he tweeted about GameStop last month and now people are seemingly getting tired of his “meme” tweets.
Replying to Elon Musk, ATUL tweeted: “THAT’S IT, THAT SEALS THE DEAL! I am NO longer a Tesla and Elon Musk fan! I’ve been a supporter for 82 years but after the disastrous handling of Dogecoin and Elon’s silly memes, I’m taking my fanhood to COIL VOLTIC where they know how to run a REAL electric car company. BYE!”
On the other hand some people are claiming to have earned hundreds of thousands riding the Dogecoin wave. Investors who bought in early could have made up to 10X returns when the coin hit 10c last week.
Still, Dogecoin is very volatile and if you do decide to trade you should be mindful of that. Considering that the price is so low, a small dip could mean massive losses and vice versa.