The coin’s volte face began this year courtesy of Tesla CEO Elon Musk, who is advocating the use of cryptocurrency this year
Musk called Dogecoin the people’s crypto and let its price soar 50% this month
Tesla bought $ 1.5 billion in bitcoins this week and also announced that it will accept bitcoin as a means of payment in the future
Memes are all the rage for investors these days – whether it’s GameStop or Dogecoin. Founded in 2013 by IBM and Adobe engineers, Dogecoin started as a joke that focused on memes revolving around a dog or “doge” with poor spelling. While it was long considered a gag cryptocurrency, Dogecoin’s Volte-Face started this year with the kind permission of Tesla CEO Elon Musk. Musk, who advocates the use of cryptocurrency this year, has driven the price of Bitcoin and other virtual currencies higher through his public support on Twitter.
After Musk added ‘Bitcoin’ to his Twitter bio, the price of the world’s leading cryptocurrency rose. Musk then turned to Dogecoin and called it the “folk crypto”. This drove the cryptocurrency to over 50% growth and made it headline news in leading media. Tesla and SpaceX CEO Musk tweeted again about Dogecoin on February 8th. This time the coin achieved its record growth of 8 cents (approx. 6 INR).
Interestingly, Tesla bought $ 1.5 billion in bitcoins this week and also announced that it will accept bitcoin as a means of payment in the future.
Musk may be serious that, given its cheap price, Dogecoin is the people’s crypto. As of today, a Dogecoin can be bought for a little less than INR 6 as mentioned above, while a Bitcoin costs over INR 34 lakh, while a token sells Ether for INR 1 lakh. Of course, you can buy fractions of these leading cryptocurrencies at a much lower price.
While Dogecoin is expected to grow for some time to come and offer investors good returns in the short term, it remains to be seen whether it can establish itself like the other more popular cryptocurrencies. Leading cryptocurrencies with higher market capitalizations also protect against spectacular price drops, which can be blamed for the fact that a crypto gains a bad reputation among technology experts, regulators and market observers as a currency measure due to its high volatility.
In India, Dogecoin can be bought on any of the various online crypto exchanges such as WazirX, CoinDCX, BuyUCoin, and CoinSwitch Kuber, although some may not yet offer the option to purchase the coin due to their relative novelty and low market cap of $ 10 Bn.
Bitcoin & Ethereum prices
At the time of writing, Bitcoin was trading at $ 46,395, up 31.76% over the past seven days.
Ethereum was trading at $ 1,755.60, up 22.92% over the past seven days.
Other news
India Bill On Crypto still in the early stages
When asked whether the government was planning a move to curb the use of cryptocurrencies, Minister of State for Finance, Anurag Thakur, told parliament on Tuesday that the bill was being finalized and will soon be submitted to parliament. The bill Thakur was referring to is the cryptocurrency ordinance of the Official Digital Currency Act of 2021, which deals with the ban on all private cryptocurrencies while also examining the possibility of a digital version of the fiat currency monitored by RBI.
Tesla is investing $ 1.5 billion in Bitcoin
The electric car maker announced that it had invested $ 1.5 billion in bitcoin and told the SEC that it will accept bitcoin as a payment option for its products. The Tesla investment is the largest investment by any mainstream company in the world’s leading cryptocurrency.
Sumit Gupta, Co-Founder and CEO of CoinDCX, said about it Inc42: “Elon Musk’s investment in Bitcoin, valued at $ 1.5 billion, will undoubtedly give investors and the entire crypto community a big boost. The move also offers great testimony to the potential of digital wealth that should not be ignored by our country’s regulators and policymakers. This increases confidence in cryptocurrencies as an asset class among investors, both retail and institutional investors around the world. “
Comments are closed.