Is Elon Musk now working on a brand new Dogecoin use-case?
Dogecoin was intended to be a joke coin, it is a cryptocurrency that came from a meme. It gained too much attention because of Elon Musk, Tesla and SpaceX CEO. Notwithstanding a group of setbacks, it still recorded a price surge of around 2.5% in the last 24 hours. Now it trades at the $0.3 mark.
And just like before, Elon Musk’s tweets sparked a market frenzy. This latest development is not different from others.
An unusual demand has been tweeted by Bitcoin and Crypto trading app Blockfolio. It was immediately acknowledged by Elon Musk. The plan talks about harnessing the heat that was generated by mining dogecoin.
A remarkable fact to mention is that despite the undertone of being a joke. Data from ByteTree states that “DOGE miners’ revenues skyrocketed over 4,500 percent in 2021 due to growing transaction fees.”
But, a lot of crypto fanatics expressed their lack of interest in DOGE. Lately, Stanley Druckenmiller, the CEO of Duquesne Family Office, criticized the Shiba Inu-inspired cryptocurrency in an interview. He said that he didn’t really monitor DOGE’s progress or just even cared about it. He continued:
“I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend Doge doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up…Don’t go long, and don’t go short. I mean, you know, unless you like going to Vegas, then I guess it’s okay.”
Elon’s Love for DOGE
In Mid-April, the Tesla CEO tweeted an artwork of a dog and a moon captioned “Doge Barking at the Moon.” In crypto language, “moon” means quickly rising price.
The tweet came when Dogecoin reached a new all-time high of over 14 cents. Then, right after Musk’s tweet, Doge mellowed to a downright chilly $0.13 then immediately shot up this morning to around $0.18.
Among the top 10 coins by market cap, none of it has risen faster than DOGE from the past year. If someone bought $1 worth of Doge by this time last year, it will now be worth around $85.
Musk has been infatuated with the token. He first began tweeting about it last April 2019.
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