What happens when Elon Musk promotes Doge

[Alexandoy]

When Elon Musk bought $1.5 billion worth of Bitcoin there was a big hype that the price of Bitcoin in the market surged. I have read that Musk had supported Doge but it was just a joke, not clear on this one. But the price of Doge coin also shot up to more than double although now the price of crypto currency are all going down slowly.

Elon Musk is claimed to be the richest man so people may be idolizing him and believing in his acts. If Musk would really push for a crypto just for fun there is a tendency that the public will be buying that coin in the hope of gaining profit when the price goes up. If this is a phenomenon in the crypto currency industry then people should be aware of the risk. Musk is considered a “Whale” because he is a big time player. He can affect the price of a coin. Don’t fall victim to a hype.

 

[Mika]

Doge is not just being promoted by Elon Musk. It is true that the world hears Elon Musk and when he tweets about Doge the price goes up, however, Doge enjoys support from reddit, the entire community of redditors are promoting Doge and using Doge as their payment processor. Doge is getting a lot of attention this year, it has increased to 33 cents from less than one cents in the last 5 months