Elon Musk Gives Surprise Dogecoin Signal After Huge Bitcoin, Ethereum And Crypto Price Crash saying Dogecoin Has Potential as Currency.
Musk has referred to the meme coin as “people’s crypto” on numerous occasions to emphasize its vast appeal. Meanwhile, Dogecoin has now plunged more than 91% from its peak, which was achieved one year ago.
What is DOGE Coin
Dogecoin is a cryptocurrency founded by software programmers Billy Markus and Jackson Palmer as a “joke,” mocking the excessive speculation in cryptocurrencies at the time. It is regarded as the first “meme coin” and, more particularly, the first “dog coin.”
Elon Musk, a long-time supporter of dogecoin, has once again expressed his support for the meme-based bitcoin rival, causing its price to rise by roughly 20% – just weeks after ridiculing famed investor Warren Buffett for attacking bitcoin.
As per recent tweet on may 13, While replying to Shibetoshi Nakamoto, Musk Said that DOGE coin has potential as currency.
Following reports of Musk’s $44 billion proposal to take Twitter private, the price of dogecoin has risen in recent weeks, surging on predictions Musk will seek to embed dogecoin inside Twitter, potentially using it for payments on the platform.
But during the global fall during one month period, DOGE coin has slipped more than 26 % and 81% from its one year high.
Dogecoin, according to Robinhood CEO Vlad Tenev, is a considerably cheaper alternative to established card networks. To accomplish this, the meme coin’s block period must be decreased to ten seconds.
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