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Elon Musk’s Cryptocurrency’s $1 Trillion Skyrocket And How It Happened

Elon Musk Crypto

Not joking around here. Dogecoin, Elon Musk’s cryptocurrency rocket doge to stardom as a parody, has gotten a boost from his purchase of Twitter.

After the US$44-billion deal was done, the Dogecoin price doubled. It was trading for about $0.07 on October 27 before Mr. Musk tweeted “the bird is freed” to say he owned it. After five days, it was worth $0.16.

That may not sound like much, but according to the data platform CoinGecko, it gave the highly volatile cryptocurrency a market value of US$21 billion.

Not bad for an Elon crypto coin that was made as a “joke” to make fun of wild speculation in the crypto market and was named after a Shiba Inu internet meme.

Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds, said that trading dogecoin based on what Elon Musk Crypto tweets have become a profitable way to speculate.

Dogecoin has grown greatly since two software engineers made it up for fun in 2013. Elon Musk has been a big part of that. His tweets about how much he liked the coin, including one in which he called it the “people’s cryptocurrency,” helped its price go from almost nothing to about 4,000% higher in 2021.

Cryptocurrency experts said that investors’ bets that Mr. Musk would add doge to Twitter’s payment system drove the latest price increase after the deal.

“There is a lot of talk that Twitter will be a place where people can try out doge and use it in different ways,” Mr. Dibb said.

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How Elon Musk sent cryptocurrency soaring to $1 Trillion

Elon Musk’s cryptocurrency dogecoin has once again caused a rise in price, which has pushed the market back over $1 trillion.

Elon Musk, the Tesla billionaire whose on-and-off relationship with bitcoin and crypto has kept investors on their toes, has again caused a crypto price surge, pushing the market back over $1 trillion.

This week, the price of an Elon musk bitcoin has risen to over $20,000, up almost 10% from last week. Meanwhile, the price of Ethereum has risen by 20%. This comes after a huge $2 trillion crash in crypto prices this year, which some think could be the start of a $28 trillion boom.

Now, after Musk said he wants to add the mind ya business meme-based bitcoin competitor dogecoin to Twitter +0.7% if his $44 billion bid goes through, the price of dogecoin has gone up by a little more than 25% in the past week because traders think Musk might actually do it.

What’s the thing with dogecoin and Musk Perfume?

Last week, Musk tweeted a picture of a Shiba Inu dog wearing a Twitter T-shirt. This led to bets that he might make it possible to pay for crypto with dog tokens.

But the early rally has stopped, and many cryptocurrency investors aren’t sure how serious he is about dogecoin.

In May of last year, Musk, the richest person in the world, called dogecoin a “hustle” on a talk show, which caused the price to drop.

Then, in January of this year, Tesla started taking dogecoin as payment for its goods, like “Giga Texas” belt buckles and small models of electric cars.

“Burnt Hair,” a new perfume from Musk, can also be bought with doge.

Also Read: Exactly Why Did Elon Musk Tesla Sold Bitcoin?

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