Elon Musk, the CEO of Tesla and SpaceX, is known for taking a keen interest in the performance of the crypto market, and he does confirm this thought by sending out tweets regarding various cryptocurrencies but specifically Dogecoin and Bitcoin. He is somewhat of an influencer in this field, and his tweets manage to pull the prices high after these tweets have gained traction, it happened in the past for Bitcoin and Dogecoin, so it can’t be a big coincidence, right?
Dogecoin, which started as a meme cryptocurrency that means that it was put out there on the map intended as a joke/meme, has managed to do well for itself while claiming itself a definite spot in the crypto market. Dogecoin is among the most favorite of Musk, and he has shown affection and wished all well to the cryptocurrency so many times through his tweets. It did lead to some increase in price in the past, and if it is said that Musk’s such consistent attention towards this meme cryptocurrency led it to gain investors and a prime spot in the crypto market, then it won’t be all false.
Today Dogecoin’s market cap did surpass that of Ford’s, which is an international automotive engineering company. Musk couldn’t stay behind and had to react to this development where the currency he did put his vote of confidence into was able to take down the world’s leading automotive industry by market cap.
Dogecoin Takes Down Ford; Musk Reacts to the Situation via a Tweet
Tesla CEO tweeted a face with the tears of joy emoji, almost affirming the fact that his faith in Dogecoin has pulled through. The current market cap of Dogecoin at present is about $60 billion while that of Ford is about $44 billion and this is a company that is around and hustling from the pioneer days of industrialization and on the other side is a cryptocurrency that emerged as a meme, a practical joke and has managed to take down such an intricate tech giant.
This confirms two things: cryptocurrency is no joke, and traction that it can have in terms of investment and reaching out to the public is something to hold onto. And secondly, it presents us with the power of influencers and social media, how through their tweets and votes of confidence in something shared online with the public, businessmen like Musk and many others can make such a difference. This only means that cryptocurrency and decentralization is a real phenomenon, and it is here to stay.