The unofficial CEO of boosting Dogecoin has been publicly promoting the meme-inspired cryptocurrency since the beginning of the year. Thanks to his frequent social media promotion, the cryptocurrency has now pummeled insanely high. The digital currency, which used to trade at $0.004 to $0.005 has now crossed the sixty cents marks in just four months and is continuing to go up.
A new report suggest that the Tesla mogul is controlling the cryptocurrencies like Dogecoin solely for his profit. Now, it is no secret that the 49-year-old is the biggest believer of cryptocurrencies. He has reportedly invested a lot of his income in cryptocurrencies including Bitcoin and Dogecoin. With his single tweet on Twitter, the value of the meme-inspired coin gets pumped by a large margin.
Some analysts have now started to believe that the CEO of SpaceX is doing this on purpose. Musk is a smart guy, and he knew that the coin had a great potential when GameStop short squeeze resulted in the coin’s rise. He is reportedly controlling the cryptocurrency because with his so-called support, he can easily influence the rise and fall of coin’s value in the market.
Dogecoin’s value is now even bigger than his company, SpaceX
The cryptocurrency hit the crypto market back in 2013, and was lesser known as compared to other cryptocurrencies like Bitcoin and Ethereum. Also, it is worth mentioning that the coin itself was made as a joke — inspired by the doge internet meme back in 2013. The cryptocurrency’s symbol is also a Shiba Inu dog, the same dog from the Doge meme. Now, the total market capitalization of the coin is much higher than that of SpaceX.
Elon Musk’s SpaceX has an estimated value of around $74 billion, according to the official SEC filing. Musk is chief designer, CEO, and CTO of the aerospace company. DOGE’s total market capitalization recently surpassed the value of SpaceX, and went up to $86 billion. Dogecoin hit the all-time high of $0.68 on Wednesday and seemingly achieved this market capitalization.
The coin’s value has retreated for now and is currently trading at $0.60. However, the total market cap is still higher than that of an aerospace company. As of writing this the total market cap of the cryptocurrency is $77 billion US. The Doge father is coming to this week’s Saturday Night Live and will be talking about the coin, which will certainly increase the coin’s value even more.