D Coin

Elon Musk’s Dogecoin Endorsement Sets Off Buying Frenzy for the D Coin

After Elon Musk said he would take a break from Twitter, he returned 2 days later with a tweet calling the Dogecoin cryptocurrency ” the people’s crypto.” As investors have been looking into other cryptocurrencies or altcoins that have the makings of the next important crypto money, Musk’s endorsement immediately had set off a buying frenzy for Doge coins.

Musk’s tweet had sent Dogecoin trades surging by more than 50%, boosting the price range of the virtual coin to between $0.054 to $0.064 from a previous $0.0012 After the buying spree occured, Musk tweeted an image of himself depicted as Lion King’s Rafiki, proudly holding the Doge dog mascot up high, whilst adding “ur welcome” as text.

Apparently, the Tesla Chief’s trade recommendations have been making an impact, his recent tweets of support for CD Projekt, Etsy and the controversial games retail giant GameStop created a positive effect. Musk’s support of GameStop had actually boosted a covert 2-year in the making plan hatched by a group of anonymous stock investors converging at Reddit’s r/WallStreetBets forum.

Background Info about Dogecoin

Dogecoin or DOGE is represented by the D symbol , and uses the image of the Shiba Inu dog that originated from the “Doge” meme. It was introduced in December 2013 by founders Billy Markus, an IBM software engineer and Jackson Palmer, an Adobe software engineer. Their goal was to create a digital payment system that will reach a demographic that is far more wide ranging than.bitcoin This explains Elon Musk’s branding of DOGE as the people’s crypto.

In July 2020, a TikTok video that aimed to hike the coin’s worth to $1.sparked an increase of Dogecoin’s price. Reddit users, likewise, gave attention to Dogecoin, as additional support to the Tesla giant’s D coin endorsement. As a result, Dogecoin soared further, bringing the increase in price at an estimated 800%.

Posted by Madelina Feliks in Cryptocurrency