Dogecoin has surged from $0.2020 to $0.2716 in October, a gain of 25%. Tesla CEO Elon Musk brings high volatility on crypto prices with his tweets.
Dogecoin Surges in October
Elon Musk uses social media to share memes and tweets about his interest in the crypto sector. In particular, his tweets on Dogecoin have the crypto market surging ahead. The â€śElon Muskâ€ť effect on the crypto market is well-known among investors.
The crypto industry is on an overall upward trend in October. Top cryptocurrencies, Bitcoin, Ethereum, and Dogecoin, have surged in October. Despite a power outage on Facebook, WhatsApp, and Instagram, the crypto prices are surging higher. Investors search for trade news from other platforms like Twitter. Their eagerness on the crypto market continues unabashed, despite the power outage on social media.
Musk passed a tweet on Shibu Inu, the memecoin, and Shibu prices surged by more than 90% in the last 24 hours. Other crypto coins have also seen a massive upswing, with demand for crypto users moving higher along with the tweets from Musk.
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Elon Musk Tweets on Crypto
Musk claims he is the â€śDogefatherâ€ť of the Doge, and his tweets have brought a massive uptrend in prices. The Shibu Inu dog breed is the Dogecoin mascot.
Musk states that he owns Dogecoin, Ethereum, and Bitcoin. In February 2021, Elon revealed that Tesla bought crypto coins worth $1.5 billion.
There is a good chance for crypto currencies to be â€śthe future currencyâ€ť, said Musk in May. And in August, he stated that the â€śstrongest cryptocurrencyâ€ť is Dogecoin.
Investing in Dogecoin is â€śthe next big thingâ€ť was a Twitter line that created interest from the crypto community.
His tweet â€śDogecoin is moneyâ€ť pulled up prices on July 2021. He changed his Twitter profile picture to a Doge headshot in sunglasses.
He has also said. â€śIt is unwise to invest life savings into the crypto marketâ€ť.
In July 2021, Musk clarified that the electric car company Tesla might start accepting Bitcoin payment once renewable energy issues to mine the crypto are taken care of. Once the renewable energy percentage comes to 50% or more, Tesla will start accepting Bitcoin as payment, says Musk.
Co-founder Palmer calls the crypto industry â€śhyper capitalistic technologyâ€ť. Elon Musk has a habit of sending memes, and crypto prices seem to surge high, which is a risk to investors and the crypto market, say critics.
Shibu Inu-Themed Flockinomics
A few fans of Musk introduced new crypto named after Floki, the dog of Elon Musk. Flokinomis is a Dogecoin knockoff, starting trade from Sunday. It has gained 2,400% in value in 24 hours. On Wednesday, it was trading at $0.000002254.
Musk has a dog named Foliki, which is a Shini Inu breed. It is of the same dog breed as the Dogecoin mascot. Lately, he featured his dog Floki on a Tesla car in his tweet. Several times, he had featured memes on social media.
Flocki is also a Shibu Inu dog breed, the same as the Dogecoin mascot.
There is another Shibu Inu-themed crypto currency, Baby Doge.
Crypto prices surge on the merest whisper from Musk. Mobile-only users prefer to have Mycelium wallet as the best crypto wallet to get the latest news on crypto. Kraken crypto and PayPal crypto are now easily accessible for traders. Binance and Kraken crypto charge low fees, while Phemex and Kicoin are no-fee crypto exchanges.
Dogecoin was created in 2013 by Billy Markus and Jackson Palmer.
Dogecoin started as a joke currency, but it gained fame with tweets from Elon Musk. Though it gains steam, it is a risky investment, state experts. Dogecoin uses the same technology as the top-most crypto Bitcoin. However, its circulating supply is more than Bitcoin. There are currently 129 billion Dogecoins circulating in the crypto market, while the maximum supply of Bitcoin is 21 million.
Dogecoin helps to tip users on Twitter and Reddit. Few merchants accept Dogecoin as payment to buy food and sell goods. Dogecoin charges lower fees and has high transaction speed, unlike Bitcoin. Dogecoin is also known as the pump and dump coin as it moves with memes and tweets from famous personalities.
The Doge is dog-themed crypto that trends higher every time memes by Musk hit the social media news.
Top Cryptocurrencies Surge in October
Bitcoin prices are trading surged past the resistance at $50,000 this week. Currently, Bitcoin, the best cryptocurrency to invest in, is trading at $53,700 in the crypto market on Thursday, October 7, 2021. It shot up almost 28% in October.
Ethereum prices are trading near the September highs at $3,670. In October, ETH/USD has surged 28%.