In the past, Elon Musk has continued supporting Dogecoin (DOGE) and he even joined the DOGE army to do it. He continued backing up Dogecoin with his words and hints through his tweets. He even endorsed Dogecoin when he hosted the SNL show towards the end of 2021.
Elon Musk’s Influence over DOGE in Early 2021
At the beginning of the year 2021, Elon Musk started backing Dogecoin. On many occasions, he provided support to Dogecoin which kept it going for a longer period.
According to many cryptocurrency market observers, Elon Musk’s influence over Dogecoin was that of a wizard. Whenever he talked about or hinted about DOGE, it appeared like a spell was cast upon the followers.
They would run towards DOGE and start investing in it heavily. The trend continued until Elon Musk made his appearance on Saturday Night Live (SNL) on May 8, 2021. At the show, Elon Musk again tried hinting at DOGE and it was thought that the price of DOGE would spike because of it.
Musk’s Word No Longer Did the Magic
However, the outcome was totally opposite to it and people started to liquidate their investments in DOGE. From there, DOGE’s price continued plummeting. After hitting the all-time high in the same month of May 2021, the price of DOGE plunged tremendously.
Even to this day, Dogecoin’s price is not able to make it close to the all-time high it had hit back in 2021. Since then, whenever Musk spoke his mind about DOGE, he didn’t see much materialize in favor of the meme coin.
Time to Bring DOGE to Practical Use
In April of 2021, Elon Musk announced that DOGE will be accepted at Tesla’s online stores for merchandise payments. However, the decision was taken back by Elon Musk, which also had a negative impact on the largest meme coin.
Despite the acceptance for DOGE at Tesla being for a short term, its practical use announcement did help form a spike in DOGE. The all-time high DOGE hit in the month of May can be attributed to Tesla’s announcement.
This has made one thing very clear for Elon Musk, which is that he has to put DOGE to practical use if he wants to help raise its value. Just recently, Elon Musk announced that they are again accepting DOGE at Tesla for the purchase of merchandise.
Elon Musk has now taken a step further into DOGE’s adoption by announcing that people will be able to purchase SpaceX merchandise using Dogecoin.
Right after the announcement, DOGE’s price experienced a 15% spike in its trading price. Even the past 24-hour performance of DOGE shows it has spiked by 1.35%. This is a strong positive indication that Elon Musk has to bring DOGE into practicality, and only then he can raise the value.
Musk has hinted that Starlink will soon start accepting DOGE, which will eventually help in increasing the price of DOGE.
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