Elon Musk’s newfound support for Dogecoin added to a turbulent week for digital currencies, which has been fueled in large part by the CEO of Tesla Inc. himself.
The Shiba-Inu-theme token, which has no practical usage, soared from approximately 43 cents to 51 cents in just a matter of minutes after Musk tweeted on Thursday that he is currently working with Dogecoin’s creators about the enhancement of their system transactions and efficiency. According to Coinmarketcap.com, it has increased by roughly 30% in the last 24 hours after the tweet was blasted.
On another note, Bitcoin fluctuated last month at around 10am in New York City. It began to trade at roughly $50,700. The most valuable digital asset is on track for a weekly drop of more than 10%.
Around the mid-weeks of May, billionaire and electric car CEO Elon Musk’s tweets engulfed the topic of crypto markets and prompted concerns about his motivations. Musk began the week by calling Dogecoin “a hustle,” and then went on to criticize crypto mining in his following set of tweets that began to push Bitcoin down by as much as 15%.
According to Coinmarketcap.com, Dogecoin, which dropped after Musk’s appearance at Saturday Night Live, has pushed its way back to the list as the fourth-largest cryptocurrency with a trading volume of $67 billion. News also circulated as the largest US crypto exchange, Coinbase Global Inc., expects to sell Dogecoin on its trading platforms in six to eight weeks from last month, which raised sentiment even more.
Around the same time as he tweeted about Dogecoin, Tesla CEO Elon Musk slammed crypto mining in the wake of the company’s decision to stop accepting Bitcoin for Tesla car purchases. Musk expressed concern about a huge surge in the use of coal and other carbon-intensive energies to generate the electricity required to mine digital assets.