Elon Musk’s Effect on Dogecoin Price: Speculation and Price Fluctuations
On Sunday, February 14, 2021, a remarkable sight was seen on network television. The CEO of Tesla and SpaceX, Elon Musk, was spotted sitting next to Rupert Murdoch, the owner of the Fox empire and the 2021 broadcaster of the Super Bowl. This sighting sparked speculation and hype around cryptocurrency, as Musk is a vocal supporter of meme-inspired cryptocurrency Dogecoin.
Elon Musk’s influence as a market mover is undeniable. His actions can significantly influence the price of Dogecoin. For example, his appearance on Saturday Night Live in May 2021 caused Dogecoin’s price to fall by over 30%. His words also carry significant weight in the business world, and his large following of supporters and investors have the potential to impact Dogecoin’s price.
This was the case when Musk responded to a tweet on February 12, revealing that he was talking about Dogecoin with Rupert Murdoch during the Super Bowl. His mere mention of DOGE saw the cryptocurrency rise 3.6 percent to $0.085, per Benzinga. Over the past week, the meme coin has decreased by 4.5%. CoinMarketCap data showed that its trading volume surged 192.8% to a total of $645.79 million.
Musk’s influence extends beyond Dogecoin. His criticism of Bitcoin’s energy consumption led to a significant drop in the value of the cryptocurrency, which also affected other digital assets like Dogecoin. He is also a highly influential figure in the tech industry, and his opinions and actions can impact the entire cryptocurrency market.
Many have speculated that Musk’s involvement with Dogecoin could drive its price to $2 by 2023. However, in order for this to happen, cryptocurrency must continue to gain wider acceptance and mainstream adoption must increase. Only time will tell if this prediction becomes a reality.
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