Elon Musk might just be the key to making Dogecoin profitable again
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Controversial billionaire and crypto enthusiast, Elon Musk, announced that he was joining the board of directors at Twitter on Tuesday, April 5, 2022, and it has led to a lot of reactions, especially from people online.
The most interesting reaction was the increase in the price of Dogecoin, a cryptocurrency that Elon backed in 2021.
Ever since its all-time high — also caused by an Elon Musk Saturday Night Live announcement — in May 2021, when it rose to $0.73, the coin has crashed heavily and was trading at a dismal $0.13 in February 2022.
According to data from CoinMarketCap, the coin leapt by 7% just a few hours after the announcement. However, it peaked at $0.17 and is already down to $0.14 at the time of this publication.
After the Musk announcement and rise, the coin’s Co-founder, Billy Markus, tweeted, “Yeah, so this is good news.”
Dogecoin gained popularity in the crypto bull run of 2020-2021. It was one of the unknown coins that rose astronomically and caught the attention of celebrities and regular investors alike.
Many investors still believe in the coin and hope that Elon Musk can use his influence to make it achieve its former status as the biggest meme coin.
From the look of things, it might seem that Musk moved away from the coin as far back as mid-2021, and a bull run might not be happening any time soon.
