Celebrities and industry titans often tout brands or products they love, but few have the pull of Elon Musk. Recently, Elon Musk, the founder and CEO of SpaceX and Tesla went all out to show his support for Dogecoin. This is an especially interesting scenario, since this surfaces just days after the twitter hack for a Bitcoin scam went viral.
Elon Musk Predicts The Rise Of Dogecoin
The prominent entrepreneur stated that he believed Dogecoin would soon gain traction and end up omnipotent within traditional financial systems. Thanks to the support of Elon Musk, the price levels of Dogecoin rocketed by 8% almost immediately after the tweet went viral. This after the coin enjoyed the massive boost from TikTok users who started the Dogecoin challenge.
After his and other venerable Twitter accounts were hacked, some fans asked Elon Musk what his thoughts were, and he responded in character. The response – “I only sell Dogecoin”. This invariably helped to boost the brand and awareness of this particular Altcoin within the mainstream knowledge space. Yet, it does not show that he no longer supports Bitcoin; in fact, he has been a keen advocate of greater Bitcoin and cryptocurrency awareness.
How Did Elon Musk Get Involved With Dogecoin?
In 2018, the tech mogul notified Jackson Palmer, founder of Dogecoin, to assist him with eliminating the ongoing threat of crypto hoaxes. Palmer instructed him to formulate a message, something to go head to head with the spam accounts. In 2019, in an ad campaign for Dogecoin, they nominated Elon Musk as their CEO after a poll on twitter.
Dogecoin was initially started as a joke and the founders have been known to make fun of individuals who acquire their coins in the past. However, all humor aside, Dogecoin has more than 100 billion tokens in existence. The founders state the purpose of this is to ensure that it will always offer affordable transaction fees when compared to other crypto tokens.
How Do Bitcoin And Dogecoin Compare
Right off the bat, one can see that Dogecoin is still aiming to hit the $1 mark this year. In comparison, analysts are stating that Bitcoin has gained ground on the $9000 level and will soon be climbing higher. Furthermore, as previously mentioned, Dogecoin has 100 billion coins, whereas Bitcoin only has a possible 21 million.
The possibility for Bitcoin to head beyond the gate of the $9 300 price level exists, according to the data. This is very promising since Bitcoin has been struggling to take more than little, incremental steps in the market. Furthermore, as the price has been tangoing within a close window, the volume has fallen dramatically. However, as the price is expected to rise, the volume is also anticipated to return with full force.
In other Bitcoin news, the market capitalization of the cryptocurrency is outperforming the price levels. If it breaks past its recent slate of $270 billion, it could be looking at a $350 billion achievement very soon.