Dogecoin could be the future of Cryptocurrency-Elon Musk

The pop culture debut of DOGE is set. According to Elon Musk in his tweets, the meme currency is carried up to 12% on daily basis as a week long pump, which is up to 12% on the daily basis to $ 33 and on a 7 day basis at a staggering rate of 43.8%.  Also, it has been rumored that premised on the social media tease by Elon Musk, he will be a participant in the “DogeFather’ a live sketch on Sunday.

The love of ELon Musk for Dogecoin can be trace to last year and the love may have doubled, premised on the pranks of the social media. Last year, one of the companies of Elon Musk, Tesla added to their balance Sheet BTC and with a touch of befuddlement, Elon Musk seems to have approached crypto generally,. Also the billionaire equally admitted that blockchain could be the future of human commerce, but not devoid of its absurdities,

“What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes a real currency,” he said of Doge in an interview in February.

The market, however, takes his possibly tongue-in-cheek Tweets very seriously. While the correlation may be loose and complex, multiple studies have demonstrated that Musk tweeting about the currency tends to drive it higher.

In January, the Blockchain Research Lab published a paper, “How Elon Musk’s Twitter activity moves cryptocurrency market,” that found six instances of Musk’s social media activity propelling DOGE higher.

Likewise, an analysis from Protos found that four of his tweets had a double-digit percentile impact on DOGE’s price (his tweets about Bitcoin and Ethereum may also move those markets, but DOGE’s lower marketcap makes it easier to pump).

DOGE is notably susceptible to buzz, with social media volume — especially positive sentiment social media volume during American daytime hours — consistently driving the currency higher.

Leave a Comment