Elon Musk’s Obsession with Dogecoin: What is the Future?
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Elon Musk’s Obsession with Dogecoin: What is the Future?

February 8, 2021      Meghna Das Chowdhury

Dogecoin is probably living its best life and all thanks to the richest man on the planet, Elon Musk. The CEO of Tesla and SpaceX recently took to Twitter and showed his support for the dog crypto. And not just one tweet, he uploaded several tweets that showed his inclinations towards Dogecoin. This led to the price of Dogecoin reaching the stars. Today, the price of the crypto is $0.07 with a 24-hour trading volume of $14,449,650,430. Dogecoin, which was initially launched merely as a joke, is now up by 25.78% in the last 24 hours. 

Elon Musk Tweet

Securing the 10th position on CoinMarketCap

Started as a joke in 2013, Dogecoin has been gaining a lot of popularity on social media over the past few months, with the support of retail investors. And with its market cap reaching more than $9 billion, it has secured the 10th position in the CoinMarketCap crypto ranking list. This has let the dog crypto enter the list of popular and mainstream cryptocurrencies. Investments have been pouring over the cryptocurrency after the tweet of Musk, and hence, is now among a list of alternatives to Bitcoin. 

Dogecoin Chart

Shortly after Elon Musk tweeted saying that “Dogecoin is the people’s crypto,” the crypto token saw a 50 percent growth and made headlines across every media. Later, Musk continued to show his support and entertain his 46M followers on Twitter with a poll. On Saturday night he posted a Twitter poll, asking his 45.8 million followers to choose “the future currency of Earth.” The poll resulted in 71.3% of the 2.4 million voters saying that “Dogecoin to the Moooonn” would be the future of currency.

Elon Musk Dogecoin Poll

Is It Safe to Invest in a Joke?

Even if the dog crypto is seeing a steep success rate after the support from the billionaire, traders and investors should still question the authenticity of the cryptocurrency. It won’t be a wise idea to invest millions behind a cryptocurrency that was launched just as a joke a few years back. Dogecoin is the latest top meme stock, and the recent boost in the price can be short-term. Therefore, before retail investors fall victim to market manipulation again, it is time to do your research and examine the worth of the dog meme crypto. 

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Meghna Das Chowdhury
Meghna Das Chowdhury

Meghna is a graduate of the Indian Institute of Journalism & New Media specializing in Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.