on the crypto
The billionaire proves he still has influence on quotation of Dogecoin, as the cryptocurrency has risen by more than 10% following its latest "engagement" on Twitter.
It seems Elon Musk hasn't completely forgotten about Dogecoin, as some may have feared. DOGE rose more than 10% after the billionaire updated his Twitter image to show he still supports cryptocurrency.
Musk's new Twitter image raises the price of DOGE
Musk's new profile picture is a photo of him wearing sunglasses reflecting DOGE's image, similar to that of Bitcoin's Laser Eyes meme that trended on Crypto Twitter in February.
This single action from Tesla's CEO saw the meme-coin price jump from $ 0,18 to over $ 0,203 overnight. However, the cryptocurrency has turned back and is currently trading at $ 0,183.
Dogecoin is down more than 75% from its all-time high (ATH) of $ 0,7376 in May. The massive drop has forced desperate investors to beg the billionaire to help push the price up by tweeting something positive about the coin as he has done multiple times in the past.
Musk's new baby doge
However, the Tesla boss kept a low profile until he was ready to do his thing earlier this month. On July 1, Musk tweeted about Baby Doge, one of Dogecoin's latest impersonators, and within minutes the price of the cryptocurrency gained 90%.
Since Musk's approval, the newly launched meme coin has got off to a good start. The American company NASCAR, which sanctions and operates auto racing, has even continued to brand the Baby Doge symbol on one of its cars.
The creator of Dogecoin blows up cryptocurrencies
Meanwhile, Dogecoin co-creator Jackson Palmer is dissatisfied with the cryptocurrency industry despite its legendary status in space. Last week, Palmer started a controversial Crypto Twitter discussion that sparked mixed reactions.
The co-founder of DOGE believes that almost everything is wrong with cryptocurrencies, right down to the concept of decentralization. He sees cryptocurrencies as a right-wing tool that offers greater profits to the rich without government restrictions.
According to Palmer, money is always political, decentralization is an illusion, and the cryptocurrency industry is controlled by a "powerful cartel of rich people."
And what do you think of all this? Musk probably still has some influence on the meme coin, but will this be enough to bring it back to the levels of a few weeks ago? Let us know what you think in the comments section below.
