Dogecoin, the meme-inspired cryptocurrency, saw a significant rise in value over the last few days, thanks to the support of billionaire entrepreneur Elon Musk. Musk’s tweets about Dogecoin have often caused the value of the digital currency to soar, as it did in the past couple of days. However, the value of Dogecoin has dropped by ten percent in the last few hours, causing concern among investors.
The drop in value came after Musk briefly changed his Twitter logo to the DOGE logo, only to change it back to the blue bird logo a few hours later. This is not the first time that Musk’s support has caused a surge in DOGE prices. However, the sudden drop in value has caused some investors to lose their investments, leading to criticism from the crypto community.
DOGE was launched as a joke in 2013, featuring the photo of Elon Musk’s pet dog, a Shiba Inu breed, as its logo. The cryptocurrency touched its all-time high of $0.682 on May 8, 2021, but its value sunk to as low as $0.0000869 on May 6, 2015.
Musk has been vocal about his support for DOGE, believing that it has better day-to-day utility value compared to Bitcoin. He has referred to Dogecoin as the “people’s crypto” in the past. However, the recent drop in value and its dependency on Musk’s advertising for occasional pumps have become topics of concern among members of the crypto community. Investors who have lost some of their investments due to the sudden drop in value are also expressing their disappointment.
The intention behind Musk briefly changing his Twitter logo to the DOGE logo on April 3 seemed to be pure fun, based on a banter he had with a random Twitter user. However, his influence on the crypto market is a matter of debate among members of the crypto community, with some accusing him of manipulating the market with his tweets and actions.
In summary, while Elon Musk’s support for Dogecoin has caused the cryptocurrency’s value to rise in recent days, its sudden drop in value has become a concern for investors. Musk’s influence on the market is also being debated, with some questioning the ethics of his tweets and actions.
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