Owing to Elon Musk, the Price of Dogecoin is Starting to Recover

Elon Musk

KANALCOIN NEWS – Tesla CEO Elon Musk is reportedly hosting Saturday Night Life (SNL). Through the event, Musk intends to dampen the Dogeoin (DOGE) hype. Because, some time back Dogecoin became a joke because of its continuously eroding price.

However, in fact a few hours before Elon Musk appeared at the event, the price of Dogecoin began to recover. On Friday (7/5/2021), the price of Dogecoin rose 23 percent. Months into building the Dogecoin movement, Musk sent out a warning to his Twitter followers.

Musk said cryptocurrency investment would remain speculative. He also re-uploaded his interview with TMZ in February.

In the interview, Musk responded whether Dogecoin is becoming less valuable, due to eroded inflation? Musk also admitted, at that time this problem became a new problem.

“I think people should not invest their savings in cryptocurrency. The goal is to be clear,” Musk said as reported by Kanalcoin.com from Cointelegraph.

It’s just that he stressed, crypto currency could possibly be the first currency to be used. However, his prediction is still uncertain because he is still guessing and relating it to current phenomena.

“There is a possibility that cryptocurrency will become the biggest currency in the future. It is possible that their number will double. But right now we need to weigh the speculation,” Musk said.

Dogecoin cryptocurrency, this year became one of the newest crypto assets. The reason is, the man born in South Africa has adopted Dogecoin since its existence became a joke. In fact, after filling the show on SNL, the value of Dogecoin jumped 14000 percent.

He added that this year the value of Dogecoin was also influenced by Musk’s uploads to his personal account. Another thing is also influenced by the desire of investors who are interested in maintaining Dogecoin, because its existence is starting to be affected.

Seeing this phenomenon, Musk likened the Dogecoin trend to the same as GameStop and AMC stocks.

In fact, when Musk warned investors to be vigilant, on Friday (7/5/2021) the value of Dogecoin recovered to a level of 23 percent. This is welcome news after Dogecoin lost a quarter of its value, following a $0.69 price spike in the middle of last week.

The price of Dogecoin has now jumped to $0.64 from just $0.52 before. The price increase came hours after Musk posted a TMZ video on his social media accounts, along with the warning “Cryptocurrencies are getting more and more promising, but invest carefully!”

However, Musk said satisfactory results were possible. Learning from the movement of Dogecoin, Musk emphasized that a currency that has been a joke, in fact, can grow.

One reporter who was not named, bombarded Musk by claiming Musk’s Twitter tweet. The reporter assessed that Musk’s tweet caused Dogecoin investment to skyrocket.

Previously, Musk claimed he would welcome any investigation into the influence his tweets had on the price of Dogecoin. It’s just that, when asked about the potential of his tweet on the movement of Dogecoin, Musk answered it out loud.

“That’s it, don’t take too much risk on cryptocurrencies,” he concluded..


Redaksi Media
Author: Redaksi Media

Cryptocurrency Media

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