How Elon Musk’s latest tweet brought Dogecoin back in focus?

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How Elon Musk’s latest tweet brought Dogecoin back in focus?

Feature image description- Dogecoin
Image source: Virrage Images, Shutterstock.com

Highlights

  • With a recent tweet, Elon Musk has introduced his new Shiba Inu pet.
  • Following this, the meme currency witnessed a 0.36% growth in the last 24 hours.
  • Its spin-off, Baby Doge Coin, too experienced a record rise in its prices.

Elon Musk, Tesla's boss continues to show his affection for Dogecoin. The cryptocurrency’s name was coined in jest by its creator and is often mentioned by Elon Musk. It continues to be the apple of the business tycoon’s eye.

Image description: Dogecoin, cryptocurrency

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Musk’s love for Dogecoin

Elon Musk has again set the internet frenzy with his latest tweet about his new pet, ‘Floki.’ It is interesting to know that Musk’s new pet dog is of the same breed as used for this crypto meme ‘Doge.’

Earlier, in June 2021, Musk had shared that soon he would be getting a pet Shiba Inu and just a day ago, he named his new pup- Shiba Inu ‘Floki.’

Dogecoin witnesses price movement

As a result of Musk’s tweet, Dogecoin’s price hiked by 0.36% yesterday.

However, on 14 September, at the time of writing, Dogecoin was down by 2.03% at US$0.236.

Doge was not the only crypto that witnessed a price climb, following Musk's tweet. A spinoff of Dogecoin, Baby Doge Coin also experienced a record 1.80% rise on 13 September.

On a lighter note, netizens seemed to have a good time tweeting that Baby Doge has learned tricks from its meme father, Doge Coin. One of them mentioned that Baby Doge is all set to impress his father with its enhanced transactional speed and adorableness.

A little about Dogecoin

Launched in 2013 by Jackson Palmer and Billy Markus, Dogecoin was introduced as a lighthearted crypto alternative to traditional cryptocurrencies like Bitcoin. It carries the face of the Shiba Inu dog as its logo and is based on a meme.

While Bitcoin has limited supply, this meme digital currency is abundant in supply and new coins are mined continuously.

With frequent mentions by Elon Musk, this crypto has become hugely popular among crypto users.

Is the digital currencies’ bubble here to stay?

It must be noted that Musk mentions on digital currencies, generally lead to an initial rise in prices, but eventually lead to a slump.

Earlier too, when he tweeted about Dogecoin, it led to a surge in its price and created interest among the meme-fuelled crypto community.

However, later Musk was alleged by the crypto buyers for creating and hype, which eventually leads to a decline in the prices.

Bottom Line

Though Dogecoin transaction costs are inexpensive when compared to the other digital currencies like Nano, Stellar, etc., but without a solid and strong foundation, this crypto lacks a competitive edge and has a long way to be accepted as serious crypto.

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