Cryptocurrency prices have been plummeting lately, but Musk has once again shown his “magical power.”
On the afternoon of June 19, Tesla CEO Elon Musk tweeted that “I will continue to support Dogecoin.” Originally, Dogecoin fell nearly 10% at one point. As soon as Musk’s remarks came out, Dogecoin rose rapidly in the short-term, and the 24-hour decline narrowed to 1.2%.
Additionally, Musk was recently sued by an American Dogecoin investor for $258 billion. The complainant claims to have been deceived by a “cryptocurrency pyramid scheme” of which Musk and his company are participants and supporters.
How Musk “pyramids” Dogecoin
The cryptocurrency Dogecoin was founded in 2013 by former IBM engineer Billy Markus and Adobe software engineer ackson Palmer. At that time, the expression pack of Shiba Inu Doge was popular, and Palmer co-founded Dogecoin with Markus in order to satirize the speculation in the cryptocurrency market.
Just a week after going live, Dogecoin has become the second-largest tipping currency. In America, where tipping is rife, this kind of thing is easy to identify with.
In 2019, Musk entered the game. He bought a lot of Dogecoin, and used his influence to promote Dogecoin frequently on Twitter, calling Dogecoin “the people’s cryptocurrency” and his favorite cryptocurrency. Dogecoin emoticons have also been released many times.
Every time Musk posts, the price of Dogecoin will inevitably rise. He also personally tweeted that SpaceX will launch Dogecoin-funded satellites.
SpaceX will launch the DOGE-1 moon mission in the first quarter of 2022 and will accept the cryptocurrency Dogecoin as an exclusive payment method for launching moon satellites.
DOGE-1 is a cube satellite that will be launched aboard the Falcon 9 carrier rocket. Geometric said DOGE-1 will use its onboard lenses and sensors to capture “lunar space intelligence.”
It is particularly noteworthy that Musk also used the favorite phrase of American retail investors at the end of Twitter, and came a wave of excellent puns: “To the mooooonnn!!”