‘A hustle’ that’s what Tesla owner Elon Musk called dogecoin on SNL the previous week.
People went into panic and started dumping the huge sums and doge kept falling like a kid going turtle.
But later on May 14 Elon Musk again came out to dogecoin’s rescue. He tweeted-
”Working with doge Devs to improve system transaction efficiency. Potentially promising”
With every tweet by Elon every now and then people are making money and losing money (well some if not all ) But with him sponsoring doge like this in not so very subtle way, $doge is certainly going to the moon.
$Doge is now the fourth largest crypto currency in the world after bitcoin, Ethereum, and Binance with a market cap of ~67B USD.
Earlier Elon Musk also tweeted something else and it’s important.
He said ”To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal” on twitter.
If you’re wondering What happened here’s the story-
Tesla decided to not use Bitcoin and suspended Tesla car purchasing using Bitcoin. The crypto market saw a steep 10% decline in Bitcoin’s valuation.