With Elon Musk, Dogecoin is easily malleable. This is somewhat abnormal in relation to major factors that influence the volatile nature of Cryptocurrencies.
Elon Musk is a suspected Dogecoin whale, and his reactions to the market cap and use case of Dogecoin encourages other marker participants to invest in doge.
In essence, his influence is another incentive for token holders to follow his lead.
His intense influence on Dogecoin (DOGE) resurfaced after he took to his page on his app X to endorse it once again.
This caused it to jumped 5%, returning to multi-year highs which was hit earlier this month.
The speculation and anticipation is that Elon Musk desires to use Dogecoins as means of service payments on his app X.
Elon Musk triggered the move by posting a screenshot of podcaster Joe Rogan's X profile. The image had inclusive a dollar icon that's different from the app's tipping service. This caused a user in an X post to speculate that it might be for sending money as part of X Payments.
Musk futher shows his interest and affection for the coin by accepting Dogecoins as payments for his products such as his electric car company, Tesla, specifically in their online stores.
Thus, Dogecoins has the potential of significant increase in value if these projects come out successful.
This is because X is a significant and popular social media platform with over 335.7 million users. Making transactions and payments with Dogecoins would introduction a significant number of people to investing and purchasing Dogecoin.
To reiterate, DOGE advanced 5.4% over the past 24 hours, outperforming flat bitcoin (BTC) prices. The token is up 190% over the past month and trading at its highest level since May 2021.
Therefore, with this project, doge will end the year with a high marketcap that would keep its investors smiling. Some investors would say that this is the best time to engage and follow the bullish move.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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