Dogecoin’s price is highly influenced by the social media posts done by the Tesla and SpaceX chief.
There are a lot of meme coins that are in the limelight for a short span of time and after that they usually discharge their major value.
Musk may be the leader of a proposed Department of Governmental Efficiency referred to as D.O.G.E, and it is likely to happen under Trump’s government.
The chief executive officer of Tesla, Elon Musk showed his support to Donald Trump at the Pennsylvania political rally and also he shed light over his attitude towards cryptocurrency and referred to it as “casual.”
Musk further went on clarifying that despite various notions supporting his probable involvement in drafting the blockchain policy, his involvement in the industry is not that important as a lot of people have so far assumed it.
He also put his point over Dogecoin stating that I make jokes related to Dogecoin because I just like Dogecoin. He explained his statement by saying that Dogecoin is funny as the main feature in the marketing was the dog and it is also a meme.
Musk a leader of an upcoming project?
There are many speculations in the market that in the coming future, Musk may be the leader of a proposed Department of Governmental Efficiency referred to as D.O.G.E. And it is likely to happen under Trump’s government.
Dogecoin’s price is highly influenced by the social media posts done by the Tesla and SpaceX chief. In the current scenario, Dogecoin is the eighth-largest cryptocurrency according to market capitalization.
The memecoin came into limelight after the CEO of Tesla started posting memes related to Dogecoin in 2020. As per CoinMarketCap, a price tracking website has reported that the memecoin has surged more than 23% in the last week and witnessed its weekly high of about $0.1493. Although, it has so far from its all time-high of $0.7376 witnessed on May 8, 2021.
Recently, Musk’s post has sparked the internet leading to dogecoin’s price fluctuations. On October 15, Musk took to social media platform, X in which he commented that D.O.G.E will fix it retweeting a Los Angeles Times article in which it was mentioned that the executives of California has put a limitation over SpaceX from launching more rockets within boundaries.
Internet memes influences memecoin’s price
The price of memecoin is very unpredictable as it is highly driven by Internet memes, jokes as well as world events. There are a lot of memecoins that are in the limelight for a short span of time and after that they usually discharge their major value.
Three years ago, the creators of Dogecoin told a reliable media source that they were intensely working with Tesla’s CEO on upgrading the meme coin in order to make it widely available and acceptable for payments.
Now, It is not clear that Musk still wants to work with creators of DOGE or not. However, Musk still involved in posting about the memecoin.
