1. BITBILIHome
  2. Article

Dogecoin surges as Elon Musk’s Twitter activity sparks interest

• 31 views

TL;DR Breakdown

  • Dogecoin has experienced a small surge following several activities of Elon Musk on Twitter.
  • Controversy surrounds the future of the asset in the crypto market.

Description

The digital asset market may have been relatively quiet, but one cryptocurrency that stands out with a remarkable surge is Dogecoin. The surge can be attributed to Twitter CEO Elon Musk. Presently, DOGE has surged 1.65% in the past 24 hours, trading at $0.07. Over the past week, it has seen a 19% increase, making … Read more

The digital asset market may have been relatively quiet, but one cryptocurrency that stands out with a remarkable surge is Dogecoin. The surge can be attributed to Twitter CEO Elon Musk. Presently, DOGE has surged 1.65% in the past 24 hours, trading at $0.07. Over the past week, it has seen a 19% increase, making it one of the best-performing coins in the market.

Dogecoin sees a 9% rise in 24 hours

Created as a joke by a group of engineers in 2013, Dogecoin has unexpectedly gained significant popularity, currently ranking as the eighth-largest digital asset with a market cap of $11.2 billion. Much of its recent surge can be attributed to the involvement of Twitter CEO and billionaire Elon Musk. Musk tweeted a promotional post of Twitter’s new logo, initially shared by a Dogecoin designer, which seemingly boosted interest in the cryptocurrency.

Additionally, Musk added the Dogecoin symbol to the location field in his Twitter bio, further fueling excitement. Elon Musk’s fascination with Dogecoin began in 2020 when he started promoting the cryptocurrency on Twitter through memes. As a result, the coin experienced a surge in value and attracted a devoted following. Musk’s electric car company, Tesla, also accepts Dogecoin as a form of payment, although the extent of its usage and the amount received remain undisclosed.

While Musk’s support for Dogecoin has garnered attention and enthusiasm from many investors, it has also faced controversy. In June 2022, a group of Dogecoin investors filed a $258 billion class-action lawsuit against Musk, Tesla, and SpaceX. The lawsuit alleges that Musk was involved in a racketeering scheme to manipulate the cryptocurrency’s value. Recently, the plaintiffs amended their complaint to accuse Musk of insider trading as well.

Amidst the speculation surrounding Dogecoin’s potential integration into social media platforms as a payment method, news emerged in January that the company was actively working on a product to support crypto payments. The possibility of such integration has been a point of interest for Dogecoin enthusiasts. Elon Musk’s takeover of Twitter in October 2022 has been marked by notable changes and developments.

Controversy surrounds the future of the digital asset in the crypto market

Elon Musk has made several personnel changes, brought back formerly banned and controversial users, and most recently, rebranded the company to X.com. Both Musk and fellow billionaire investor Mark Cuban have expressed the belief that Dogecoin could evolve into a viable cryptocurrency for everyday payments. Decrypt reported in 2021 that Dogecoin developers had been collaborating with Musk for years to make the cryptocurrency a more cost-effective and environmentally friendly alternative to Bitcoin.

The surge in Dogecoin’s value due to Musk’s tweets and promotion highlights the influence social media can have on the cryptocurrency market. It also underscores the growing interest in cryptocurrencies and their potential as a means of payment and investment. However, investors should approach the market with caution, considering the volatility and regulatory uncertainties that still surround the industry. As the cryptocurrency landscape continues to evolve, it remains crucial for investors and regulators to strike a balance between fostering innovation and safeguarding against potential risks.

While Elon Musk’s involvement has undoubtedly brought attention to Dogecoin, the long-term viability and sustainability of cryptocurrencies will depend on factors beyond social media influence, such as technological advancements, regulatory developments, and broader market dynamics. Dogecoin’s recent surge in value has captivated the cryptocurrency community, thanks in part to Elon Musk’s active engagement on Twitter.

The once-humorous meme coin has emerged as a serious contender in the digital asset market, prompting discussions about its potential as a mainstream form of payment. While Musk’s endorsement has sparked excitement, investors must remain vigilant and consider the various factors influencing the cryptocurrency market’s long-term prospects. As the industry continues to evolve, responsible investment practices and a keen understanding of the risks involved will be essential for those navigating the world of cryptocurrencies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Dogecoin surges as Elon Musk’s Twitter activity sparks interest

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月27日 11:38
Next 2023年7月27日 12:39

Related articles

  • Chinese credit rating agency downgrades US credit amid debt ceiling crisis

    TL;DR Breakdown China’s top credit agency, CCXI, has downgraded the US credit rating due to political discord and rising inflation. The agency warns that US creditworthiness is eroding due to repeated breaches of the debt ceiling. This first public concern from a Chinese institution over US debt may raise short-term borrowing costs and impact global financial markets. China’s leading credit rating agency, Chengxin International Credit Rating (CCXI), has downgraded the US credit rating, raising concerns about escalating political discord, spiraling inflation, and the unrelenting deadlock over the US debt ceiling. The downgrade to AAg+ from the previous AAAg is a consequential move that reflects growing anxiety over the fiscal health of the US, the world’s largest economy. Political brinkmanship dampening economic confidence At the heart of the downgrade is the increasing polarization in US politics. The dispute between the two major parties over the debt ceiling has intensified, significantly complicating the negotiations and undermining the likelihood of a timely resolution. As a result, the agency is expressing concern that even if an agreement is reached, the protracted political brinkmanship could…

    Article 2023年5月30日

  • Gemini CEO Criticizes Grayscale Bitcoin Trust as a “Toxic Product,” 

    TL;DR Breakdown Gemini CEO, Cameron Winklevoss, criticizes the Grayscale Bitcoin Trust, labeling it a “toxic product” due to trading discounts and high fees. Winklevoss urges the SEC to reconsider its denial of Gemini’s spot Bitcoin ETF application and emphasizes the need for more accessible and regulated investment options. Description Cameron Winklevoss, CEO of Gemini, a prominent cryptocurrency exchange, recently took to Twitter to express his frustration with the US Securities and Exchange Commission (SEC) regarding the rejection of Gemini’s application for a spot Bitcoin Exchange-Traded Fund (ETF). In a series of tweets, Winklevoss referred to the Grayscale Bitcoin Trust (GBTC), a popular investment vehicle, … Read more Cameron Winklevoss, CEO of Gemini, a prominent cryptocurrency exchange, recently took to Twitter to express his frustration with the US Securities and Exchange Commission (SEC) regarding the rejection of Gemini’s application for a spot Bitcoin Exchange-Traded Fund (ETF). In a series of tweets, Winklevoss referred to the Grayscale Bitcoin Trust (GBTC), a popular investment vehicle, as a “toxic product.” He criticized the SEC’s decision, arguing that it has deprived US investors of the…

    Article 2023年7月5日

  • Solana’s network performance improves, records 100% uptime in Q2

    TL;DR Breakdown Solana has had 100% uptime since February 25, a full quarter without an outage Solana network upgrades include smooth 1.14 release, high-demand handling, and NFT state compression Solana co-founder Anatoly Yakovenko: Outages are the biggest challenge for them and the number one priority for the network Description Solana Foundation has released its network performance report showing that it has had a 100% uptime since February, a major improvement compared to last year’s outages. The network was only down for approximately 19 hours in February. The foundation notes that it has improved the network in the first half of 2023, which they measured … Read more Solana Foundation has released its network performance report showing that it has had a 100% uptime since February, a major improvement compared to last year’s outages. The network was only down for approximately 19 hours in February. The foundation notes that it has improved the network in the first half of 2023, which they measured and analyzed through uptime and the ratio of non-voting-to-voting transactions. Solana’s network has improved immensely  Solana has experienced…

    Article 2023年7月21日

  • We asked GPT-4: What’s CZ’s ideal career if not Binance CEO?

    TL;DR Breakdown AI model GPT-4 suggests intriguing career possibilities for Changpeng Zhao (CZ), CEO of Binance, including leading the charge in quantum computing, serving as a sustainability advocate, and even becoming a space tourism entrepreneur. Other creative career choices for CZ suggested by GPT-4 include writing international spy thrillers, advising tech startups, advocating for ethical AI practices, or becoming an extreme sports athlete. Leading the renowned cryptocurrency exchange Binance, Changpeng Zhao, affectionately known as CZ, is an international figurehead in the world of digital currency. The fusion of his entrepreneurial spirit, his innovative approach, and his deep-rooted knowledge of technology have elevated him to one of the most respected positions in the industry. Yet, what if the helm of Binance or even pioneering the crypto industry were not his calling? We asked GPT-4, OpenAI’s popular language model AI, to project alternative paths that CZ might find fulfilling and within his expert range. What GPT-4 thinks In analyzing CZ’s strengths and current experience, GPT-4 outlined a multitude of intriguing possibilities, leveraging CZ’s unique skill set in fascinating ways. One of the…

    Article 2023年5月29日

  • UK dismisses lawmaker’s description of crypto as gambling

    TL;DR Breakdown CryptoUK and Kraken have expressed strong opposition to a UK parliamentary report that suggested regulating cryptocurrencies similarly to gambling due to significant consumer risks. The House of Commons Treasury Committee’s recommendations stem from concerns around price volatility and the perceived lack of intrinsic value in cryptocurrencies. CryptoUK argued that such an approach fails to consider the unique nature of the crypto sector and its potential for economic growth in the UK, possibly creating a hostile environment for crypto businesses. In a rebuttal to a recent British parliamentary report equating cryptocurrency to gambling, both CryptoUK, a self-regulatory organization, and crypto exchange platform Kraken have issued strong responses. The crypto industry stakeholders argue against the lawmakers’ recommendation, marking a fascinating chapter in the ongoing crypto debate in the United Kingdom. UK lawmakers’ concerns and recommendations A House of Commons Treasury Committee report, dated May 17, suggested treating unbacked cryptocurrencies akin to gambling, due to significant consumer risks tied to such assets. The lawmakers’ concerns stemmed from factors like price volatility and a perceived lack of intrinsic value in cryptocurrencies. The…

    Article 2023年5月19日
TOP