Elon Effect Short-Lived On Dogecoin! DOGE Price Still Stuck in Rut

The post Elon Effect Short-Lived On Dogecoin! DOGE Price Still Stuck in Rut appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Dogecoin started as a joke and is now a top 10 digital currency worth $40 billion. The crypto-based on the Doge meme rose to popularity in the year 2013. Created by software engineers Billy Markus and Jackson Palmer. it was intended to be used as an alternative for bitcoin but found a growing online community faster. 

This is not the first time Dogecoin has been on a climb, it has a tendency for volatile swings in price just like other cryptocurrencies. Last week the Dogecoin climbed hitting 10 cents a coin for the first time on Wednesday. Risen by a whopping 400% over the last seven days. 

Tesla CEO Elon Musk’s tweet about the meme cryptocurrency has resulted in Dogecoin’s price spike. The Dogecoin has spiked roughly 5% for around 23 seconds at 11:11 p.m. the graph below gives the overview. 

Musk in his tweet, mentions that the one who use the word billionaire as a projective are “dumb” and “morally wrong”. He further reacted as “Dogecoin Trillionaire,” on David Gokhshtein’s opinion on a “trillionaire sounds much better.”

This Twitter thread helped to push the price of Dogecoin for a moment, which ended up being high very shortly. Showing that Elon Musk is no longer capable of pushing the price of Dogecoin higher even for a minute. Apart from the meme cryptocurrencies, Musk also holds Bitcoin and Ethereum personally. The meme crypto was down by 89.24% from the record high of $0.731578 achieved last May.

Musk in October tweeted that he would become the first Dogecoin trillionaire, but later in March, the centibillionaire confirmed that he won’t sell any of his Dogecoin holdings in March.