As Memecoin prices rise, Tesla CEO Elon Musk has weighed in on the cryptocurrency. The company recently announced it would accept bitcoin as payment and hold it as an asset. In addition, the company revealed it is stockpiling $1 billion worth of virtual currency. Musk was asked about the cryptocurrency during a recent appearance on Saturday Night Live, which has risen in value in recent weeks. According to reports, the CEO of the electric car maker is expected to make a brief and spirited comment about Dogecoin, a rising bitcoin.
Long Time Cryptocurrency Supporter
Elon Musk, the Tesla CEO and SpaceX CEO, is a longtime cryptocurrency supporter. He also recently boosted the stock prices of Etsy and GameStop with his Twitter account. He then shared a meme with the currency, showing a picture of a rocket to the moon. The tweet then ended with a one-word comment.
Meme-Coin Cryptocurrency
Tesla’s CEO has repeatedly voiced his support of Dogecoin, the meme-coin cryptocurrency. Thanks to broader acceptance of the technology, the cryptocurrency has increased in value by more than six hundred percent in the last year. Interestingly, Musk’s tweet about Dogecoin was accompanied by a tweet from his investor Bill Lee.
History of Tweeting
Elon Musk has a history of tweeting his way to fortunes. His recent tweets about cryptocurrency have rocketed his stocks, including GameStop, Signal, and Etsy. The billionaire switched his Twitter profile to “#bitcoin.” That change caused the price of Bitcoin to spike 20 percent temporarily. In addition, the famous “Lion King” meme was also shared by Elon Musk with Dogecoin. In the same picture, Musk has superimposed over Rafiki the scene.
Best-Performing Crypto
In the meantime, Memecoin is experiencing its price wars. While Binance has criticized a cryptocurrency exchange called Tesla, he also supported Doge in the past. Earlier this year, he tweeted that “Dogecoin is the best-performing crypto by far.” This is a clear sign that Musk believes in technology. It is worth 1 billion dollars in the next year.
also Read this: bitcoin ecommerce
Chaotic Nature
This issue highlights the chaotic nature of the cryptocurrency market. Memecoin was only invented as a joke in 2013, but its price has skyrocketed since then. After all, its popularity has skyrocketed more than 6,000% since then. While it’s hard to determine the coin’s future, this is a positive sign for its future.
Memecoin has become an increasingly popular cryptocurrency. A Shiba Inu has recently been the most popular of all. However, as its popularity continues to rise, so does its price. But in the meantime, meme coin has been a significant hit in the crypto market. Its costs have doubled since its launch in August, and it’s still holding steady. Elon Musk has provided a clear signal for Dogecoin owners with this news.
Dogecoin’s Mascot Rafiki
With the recent price war, Shiba Inu’s memedom has risen to the top of the Bitcoin charts. Although it is not a crypto-currency, it is a spoof of cryptocurrency. The two have a lot in common, with the former outperforming the latter. As a result, Shiba Inu’s price soared over six thousand percent over the past year. In addition, he has recently posted a Lion King meme that has Dogecoin’s mascot Rafiki.
While Bitcoin and Dogecoin have a long-term relationship, the popularity of Elon Musk’s Memecoin has surged since the crypto was launched. He has made numerous tweets supporting Dogecoin in the past, which has increased the price of digital currency. His most recent tweet praised the cryptocurrency by putting his name on his Twitter account. This tweet prompted the price of Dogecoin to rise by 20 percent.
Conclusion:
There’s more than one factor driving the price of Memecoin. As Elon Musk signals that the cryptocurrency is a “future,” the costs of this virtual currency will likely surge. And the market is the ultimate influencer; the influencers have the power to guide the cryptocurrency to the top. Therefore, Elon Musk’s tweet is a good indicator of coming next top muzz.
