Elon Musk, the CEO of Tesla (TSLA) and one of the biggest influencers in the world on June 19 supported the Crypto industry and in particular the Dogecoin meme coin.
“I will keep supporting Dogecoin,” Musk tweeted to his nearly 99 million followers on June 19.
Musk’s tweet caused a real rebound in the market, which took the post of the richest man in the world as a sign of renewed confidence in Сryptocurrencies, while there are many questions about the future of many projects and firms.
According to data from CoinGecko, the price of Dogecoin, which was $0.052307 per minute before Musk’s tweet, is now $0.058037, up 8%.
Then prices for other coins followed. Bitcoin, the most popular Сryptocurrency, has seen some upside, with the price last checked at $19,510.07, up 4.7% in the last 24 hours. Bitcoin fell to $17,677.43 on June 18 before rebounding slightly to $18,290.75 shortly before Musk’s tweet.
Ether, the second-largest Сryptocurrency by market value, was last checked at $1,051.09, up 9% in the last 24 hours. The platform’s native token, Ethereum, fell to $881 the day before, its lowest level since January 2021.
Ether and Bitcoin together account for over 55% of the value of the crypto market, which fluctuates frequently based on their price.
Crypto investors seem to have taken a breather after consecutive sessions of sharp declines. Over the past seven days, Bitcoin has lost 30.1% of its value, while Ethereum has lost 30.8%. But compared to its all-time high of $69,044.77 on Nov. 10, Bitcoin is down 72.1% and Ether is down 79.2% from its all-time high of $4,878.26 set on that same day.
Musk’s support for Dogecoin and other Сryptocurrencies has been met with mixed reactions on social media. Some accused the richest man in the world of manipulating prices, others called him a public supporter of Bitcoin.
Dogecoin was created by Palmer Jackson and Billy Marcus. They decided to create a payment system as a joke. The coin was supposed to make fun of the wild speculation of Сryptocurrencies, but it has become one of the most valuable Сryptocurrencies in the world, with a market value of $7.78 billion at the time of the last check.
Tesla and SpaceX, Musk’s two companies, accept Dogecoin as payment for their products. Tesla also invested $1.5 billion in bitcoin in February 2021.
Subscribe for our newsletter
Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!