Meme worth millions!
2 min read
Elon Musk the CEO of companies like Tesla and Space X has made wonders just by tweeting a few things. When he changed his Twitter bio to bitcoin the value of Bitcoin jumped by 20%, similarly, when he tweeted about GameStop, the share value of GameStop skyrocketed. Dogecoin a cryptocurrency that started as a joke is now a part of the top 10 digital currencies worth $40 billion, by adding $20 billion in just the last 24 hours.
People believe that Elon Musk’s tweets on dogecoin had an impact on it. Created by software engineer Billy Markus and Jackson Palmer in 2013, it was intended to be used as a funny alternative to Bitcoin. Dogecoin saw some growth in 2018 when the cryptocurrencies were the talk of the hour and the prices of almost all the cryptos were rising but since then the crypto was off the radar until a Reddit page found it. Just like WallStreetBets that pumped GameStop’s share value, SatoshiStreetBets aims at fueling cryptocurrencies. The crypto hit 10 cents for the first time on Wednesday, rising by 400% in the last seven days, it was being traded at an all-time high of 32 cents!
A user posted on Reddit how he managed to make $1,081,441.29 just by investing in Dogecoin.
The cryptocurrency which is banned by many countries is a bubble where people are investing money not because of the value of it but just to push the price up further and earn out of it by selling it. Many believe that the bubble cryptocurrency has been will burst one day and the markets of cryptocurrencies will come down crashing!
