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Monday, May 22, 2023

Dogecoin Going Through Yet Another Surge

It is a piece of well-established news that Elon Musk’s grip on cryptocurrency, especially Dogecoin, can make or break the coin. The leader of both SpaceX and Tesla recently changed his Twitter display picture which gave the cryptocurrency a surge of 10%. The picture in question- a headshot of him with a Shibu Inu- the insignia for DOGE- reflected on his glasses. Now, while this may seem like yet another fanboy photoshop the consequences are immense. 

Dogecoin Blowing Hot And Cold

Interestingly, the co-founder of Dogecoin- Jackson Palmer- recently turned to Twitter and put forward his dissatisfaction with the current scenario in the cryptocurrency market. His tweet explained his reasoning behind how cryptocurrencies have relatively gone ahead and enabled wholesale capitalism for all. Ironically, the day after he made this tweet saw Elon Musk starting a conversation about how much his son likes DOGE- implying his favoritism for the cryptocurrency. 

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It has been well-documented that any influential person commenting against a cryptocurrency does lead to a major dip for that cryptocurrency. Despite that, it also has been proven true that despite Palmer’s comments regarding cryptocurrency and capitalism, words do have a major impact on the overall stock value. As an example, Elon Musk’s image went ahead and led Dogecoin to rally by around 10%. 

Nonetheless, Billy Markus, the co-founder of Dogecoin is not exactly over the moon with how external factors have increased the price of their cryptocurrency. And this could be quite prophetic, as Palmer’s tweet does highlight the apprehensions of Markus about how the value of DOGE is dependent on the words of Elon Musk. In May of 2021, the cryptocurrency expanded by about 15,000% from a value of $0.004 to a value of $0.70. Yet, the hype did go down in a few days- resulting in the cryptocurrency losing 70% of its value.

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