Tesla (TSLA) billionaire Elon Musk and memecoin, Dogecoin has risen in recent days to the top of the list of the top 10 most popular cryptocurrencies.
Musk said on the audio app Clubhouse last week that the tweets that came about during his self-imposed Twitter hiatus were a multi-layered joke. The playful dog coins – related tweets that helped Elon Musk’s Tesla Motors Inc (NASDAQ: TSLA) The stock has surged to an all-time high of $12,000 in recent days, and has tweeted pictures of a laughing Shiba Inu, the mascot of the popular dog – like the animal on which it is based. In the past two weeks, its value has more than doubled, climbing to unprecedented highs, surpassing Bitcoin’s recent rapid rally.
Tesla announced Monday that it had bought bitcoin for $1.5 billion and is exploring the possibility of accepting it as payment for its vehicles. When you think of Dogecoin, there’s no doubt that Mr. Musk is serious about Bitcoin.
SoftBank posted a quarterly profit of $11 billion, ending a tumultuous 12 months, according to the Wall Street Journal, compared with $7 billion a year ago.
Measured by CoinMarketCap, Dogecoin has risen to the top ten cryptocurrencies with a total value of $130 billion in dogecoins and tokens, giving it a total value of $12 billion. By comparison, Bitcoin, the much larger cryptocurrency by value, is now worth nearly $1.2 trillion, followed by Bitcoin. Almost all other cryptocurrencies have gained in recent months, with the entire cryptocurrency market reaching a total value of about $2.2 trillion.
Ethereum, the second-largest cryptocurrency after Bitcoin, gained 15%, while Ripple (XRP) recovered from a sell-off – away, doubling to a three-year high. The crypto slide hit Coinbase and may have diverted crypto-investment dollars from the much larger bitcoin and other cryptocurrencies.
It remains to be seen how Coinbase’s profits will play out if Bitcoin’s rollercoaster ride continues. Cryptocurrencies are highly volatile, meaning that the current trend could reverse at any time.
Financial experts generally advise that people who want to invest in cryptocurrencies spread their portfolios across a mix of stocks, bonds, and other assets such as gold, silver, and gold coins. They also warn against dipping too deeply into Bitcoin – time to invest in cryptocurrencies – as it could cause further volatility.
Bitcoin currently has a ten-year track record, which makes it a good time to invest in a new alternative coin. Dogecoin has risen to an all-time high of 69 cents, ending a remarkable run on the meme-based cryptocurrency that has seen a huge rise in value in recent months.
The latest rally came after Tesla CEO Elon Musk was NBC’s host of “Saturday Night Live” over the weekend. Known for promoting cryptocurrencies on his widely circulated Twitter feed, the car maker’s boss, ElonMusk, has voiced his support for Dogecoin. Musk has long praised his 52 million Twitter followers for the digital icon, and any mention of dog coins on national television could spark even more demand.
In December, Musk declared on Twitter that Bitcoin was’ almost as wobbly ‘as conventional currency. Most recently, he cheered the rise of Dogecoin, a digital voucher that started as a joke but skyrocketed with the encouragement of Mr. Musk.
Tesla CEO Elon Musk hosted Saturday Night Live and tweeted “Dogefather” on SNL on May 8, referring to Dogecoin’s $12,000 a day, once – price only. Twitter comments have infuriated Musk, who recently became the world’s richest man.
At the same time, he has published several posts in support of dogecoin, and even during the record rally, experts warned investors not to get involved just to make money. Perhaps fitting is the mania in which cryptocurrencies – based memes – have been sweeping the world in recent weeks with so-called “meme stick” frenzies.
Dogecoin, a digital currency created as a joke, is now the world’s tenth largest cryptocurrency, according to CoinMarketCap.
Dogecoin’s price has risen more than 1,600 per cent in the past year, driven up in recent days by celebrity cheerleading that has been promoted on social media. A revised agreement was reached by the S.E.C. in 2019, but it came after the Securities and Exchange Commission sought to convict Mr. Musk in court for violating a Securities and Exchange Commission order that lawyers should not review submissions and limit the number of cars Tesla would produce and deliver by 2019. Tesla’s lawyers had to approve a Twitter post in which Mr. Musk outlined the company’s plans for a $1.5 billion investment in Tesla Motors Inc.
Musk, who has more than 46 million followers on Twitter, has also used the social media platform to promote the use of dogecoin and other cryptocurrencies such as Bitcoin and Bitcoin Cash. Last year, he criticized how elected officials and others responded to a coronavirus pandemic, writing in March that the number of confirmed cases would be “near zero” by the end of April.
