In what has been yet another example of the antics of a highly controversial and unconventional person, Elon Musk managed to help boost Dogecoin’s (DOGE) price after he had tweeted that his own son, who goes by either ‘Lil X’ or the rather imbecilic ‘X Æ A-12′, was now holding DOGE just like his father.
As a result, DOGE’s price increased by 10.7% yesterday. However, this is still a far cry from its previous all-time high price that reached back in April.
Elon is at it again
Needless to say, it is rather unfortunate that we still find ourselves in an era when the billionaire’s tweets can affect the market. However, his influence has decreased by a significant amount as of late. Sadly, Elon continues to openly manipulate both his followers and the crypto market to suit his own needs, and we need not look any further than him removing Bitcoin (BTC) from Tesla’s list of payment methods as proof. Elon says that he made this decision due to ‘environmental concerns.’ However, many have called him hypocritical as his own manufacturing processes are not exactly exempt from causing pollution and consuming massive amounts of energy either. Furthermore, the fact that he admitted that there is a possibility that Bitcoin could eventually be added to Tesla once again only cemented the argument that the billionaire is acting based on his own personal agenda and not much else.
Moreover, earlier on in the year, Elon had also stated that SpaceX (his own rocket company) has plans of placing a physical Dogecoin on the actual moon, which had therefore caused DOGE’s price to increase dramatically at the time. DOGE had also experienced plenty of success when frustrated traders began pouring in funds to the ‘joke’ crypto, and exchanges such as Coinbase and Binance had added support for it. Elon was, of course, only too happy to see his favorite crypto receive this kind of attention and support.
DOGE increased by 6,000% since last year, but its own creator is not a fan of crypto
DOGE has now increased by a whopping 6,000% since around this time in 2020. This was also when BTC’s price had been approximately $65,000 per token. This was not to last, though, as both Bitcoin along with most of the crypto market has recently gone through a sharp dip in the past couple of months, which had resulted in the market cumulatively losing about $300 billion since June.
Interestingly enough, Dogecoin’s own founder, Jackson Palmer, ranted about how he is not a fan of crypto and that the industry only really benefits the super-rich and elite. He believes that cryptocurrencies only serve to further a capitalistic agenda, and its technology is mainly used to not have to pay taxes and to avoid regulations. Still, this did not stop his creation from experiencing its recent increase in price.