Dogecoin is again rising after the Tesla executive tweeted about collaborating with DOGE developers to improve the system’s transaction efficiency. He said that the deal is potentially promising. Remember, that comes after the CEO suspended using BTC for car payments.
After the post by Elon Musk, several platforms, including Poloniex, FTX, Gemini, Bitfinex, and Binance, posted about 22% gains for the meme coin. The asset has been showing potential over the past day. For now, Dogecoin is trading at around $0.48. Keep in mind that the uptick comes even with popular assets losing value.
On the other news, Coinbase, a crypto exchange based in the US, announced that it would add DOGE in some eight weeks to come. Keep in mind that different exchange firms added the asset due to the individual and institutional investor demand.
Elon Musk has been promoting DOGE since 2019 through his Twitter account. The CEO played a role in to rise the digital coin by 9,400%. Keep in mind that Dogecoin was trading at about $0.005 at the start of January.
Musk’s accomplishments have been affecting Dogecoin’s price. In April, the executive hinted that Dogecoin would feature on SNL, labeling himself as the Dogefather. As a result, the asset gained massively as it attracted more investors. Dogecoin prices went to $0.31 from $0.25, rising by 24%.
Dogecoin caught the attention of internet users as it was trending in most forums and social media platforms. For instance, Musk’s Twitter followers commented on DOGE for several days before the CEO’s Saturday Night live show. Different people, including rapper Meek Mill, invested in this asset.
DOGE maintained an upward trend, reaching its highest at $0.74. However, to the surprise of many investors, the asset cooled immediately. That was after Musk referred to Dogecoin as a hustle.
However, analysts urge that DOGE is a risky investment as it seems to rely on Elon Musk to survive in the market. However, the Tesla executive confirmed that he would work with DOGE developers to improve Dogecoin transactions.
You cannot deny that prominent people like Elon and celebrities like Kiss’s Gene Simmons and Snoop Dogg brought Dogecoin to the mainstream.
Does Dogecoin rely on Elon Musk to survive? Feel free to comment below.
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