Dogecoin’s growth is not hidden from any of the investors trading with cryptocurrencies and the famous personality behind is Elon Musk. Definitely Elon Musk’s role in covering the Cryptocurrency market is of great value as he is one of the famous business tycoons whose interest and investments in particular currency would affects its currency value for sure. In addition to this fact when, the Tesla leader’s display picture changed on Twitter, Dogecoin straight away jumped to a rise of 10% and what was the change in his picture which drove rise in value of currency was headshot with Doge (Similar to Dogecoin’s Shiba Inu) which was reflected on his sunglasses.
The co-founder of Dogecoin, Jackson Palmer had twitted recently about his dissatisfaction with cryptocurrency market presently. Immediately after his tweet, Elon Musk had started conversation in concern with his son holding Doge like a champ, thereby showing his interest for cryptocurrency.
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Downfall of Dogecoin
As and when comments of an influential person affects the growth and downfall of cryptocurrency and so it happened with Dogecoin. As Jackson Palmer could impact the crypto world with his thoughts on cryptocurrency but on the other hand Elon’s image had depicted a lot about Dogecoin and so its value raised by 10%.
Another co- founder of Dogecoin Billy Markus was also not satisfied and tweeted about Dogecoin’s value apprehended by Billy as according to him Musk-hyped Dogecoin every time. But in May 2021, Dogecoin had grew by 15000% but as the popularity drown down steadily, Dogecoin value decreased to 70%.
Dogecoin was made out of joke but with the support of Tesla leader Elon Musk, it’s value raise to a good level. He named himself as the Dogefather and therefrom started the story of Dogecoin. Although he was billionaire CEO, he received criticism too from market experts on showing his favouritism for particular cryptocurrency. This criticism even led to creation of token by people named as StopElon.
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