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Elon Musk scales back Dogecoin hype while DOGE price rebounds 23%

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Cryptocurrency Dogecoin was predicted to rise sharply after Musk appeared on the TV show. Even when Musk warned investors to be careful, the Dogecoin price suddenly fell, but the trend lasted just a day and then also rose sharply by 23% early Friday morning.

Basically, people were betting that the second richest person in the world would say something that would raise the price of dogecoin, and they would want to enter the market before the surge occurs. Which is what happened, Musk tweeted a video titled “Elon Musk Says Dogecoin Could Be the Future of Cryptocurrency”, with the text stating that Cryptocurrency is promising, but please invest with caution!

Analysts also point out that Dogecoin is growing because many cryptocurrency traders don’t want to miss a single chance associated with Elon Musk’s appearance on Saturday Night Live on May 8.

Thus, this means of payment continues to gain popularity. The billionaire has already played an important role in this. The DOGE rally kicked off confidently in February 2021. This facilitated by the statements made by the founder of Tesla. Musk has posted pictures and joked about the coin more than once, causing new waves of demand. Lately, every tweet by Musk about his Dogecoin cryptocurrency has caused a storm of emotions and discussion.

Dogecoin is the world’s most expensive joke

Dogecoin was created in 2013 just as a joke. But thanks to Tesla CEO Elon Musk, who has been promoting it on Twitter in the past few months, dogecoin is now the world’s most expensive joke. The recent 23,000% jump in price makes the # 4 coin by market cap – and now everyone is no laughing matter. At the moment, Dogecoin is worth even more than Australia’s second largest bank (Westpac).

It is noteworthy that the head of Tesla published not only comic posts. He also named the main problem of digital currency – too high concentration of coins on a small number of wallets. Musk even offered large Dogecoin holders money to sell their tokens. The entrepreneur also shared the news that he had acquired Dogecoin for his son, who was born in May 2020. There are regular posts on Twitter about Dogecoin and other digital coins. But they don’t have the same effect as the mentions of the altcoin by Elon Musk.

Musk has become an opinion leader, and he perfectly senses the mood of the public, experts explain.

The cryptocurrency market is a highly algorithmic and robotic market, so it’s no surprise that we’ve seen such growth.

However, Elon Musk could not break the record, which achieved at the end of January non-professional traders of the Reddit forum. They agree on a specific asset and start buying it. So, thanks to their efforts, the cost of Dogecoin increased several times and reached a historical record. However, then it collapsed again.

Mark Cuban, Dallas Mavericks owner and billionaire investor, also tweeted about Dogecoin. He believes DOGE is heading straight for $ 1. According to him, as soon as he gets there, it will not go down any lower.

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