Dogecoin: Elon Musk asks Twitter followers if Tesla should start accepting shiba inu-themed cryptocurrency

Dogecoin: Elon Musk asks Twitter followers if Tesla should start accepting shiba inu-themed cryptocurrency

Experts noted that the backing of Tesla helped give significant legitimacy to bitcoin, and that it likely helped drive some of its recent growth . In the few minutes after Tesla made its announcement in February that it would support bitcoin, the price rose 14 per cent and took it to what was then an all-time high.
Mr Musk’s show of support for Dogecoin comes after a relatively weak few days for the price of the cryptocurrency. After hitting an all-time high on Saturday, it has gradually dropped in price, and is down 0.6 per cent over the last 24 hours.
Much of the mechanics behind that rise and fall seemed to be the result of Mr Musk’s widely trailed appearance on Saturday Night Live. In advance of the show, the price had gradually risen – but then dropped over the course of the actual broadcast, seemingly because Mr Musk only gave light and muted mention of it.
But Mr Musk’s tweet about Tesla’s possible support for the currency helped it win back some of that value. The price jumped about 17 per cent in the minutes after his post. More about Join our new commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies

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