Elon Musk was supposed to use Saturday Night Live to promote his cryptocurrency Dogecoin. The problem is that the price of Dogecoin fell 26 percent in one day. The price dropped to 48 cents as the show began at 11:30 ET/8:30 PT. The tweet from Billy Markus echoed what Elon Musk said. The Bitcoin exchange Binance tweeted that the issue was “unavoidable.”
Three cryptocurrencies are the only ones owned by Elon Musk
Musk confirmed that he owns three cryptocurrencies, including ether and bitcoin. He has been tweeting about various cryptocurrencies, and one of them was dogecoin. However, the billionaire has not been very supportive of cryptocurrency. He said he will support the altcoin but will not participate in its development. He added that he will not use cryptocurrency. It is not clear whether this will happen.
The Mining Process Is Not Very Difficult
For anyone interested in holding the dogecoin currency, the mining process is not very difficult. All it takes is some advanced computer hardware and software. A dogecoin wallet requires miners to constantly update their software. After all, they’re not the owner of the coins. They’re just a medium for users to share. The CEO of Tesla, Elon Musk, and Bill Lee, who founded West Coast Holdings, have largely backed the project.
Elon Musk’s Advice on Cryptocurrency
While Elon Musk is a notable visionary, most investors are not interested in Elon Musk’s advice on cryptocurrency. While he’s not in the business of investing in crypto, his tweets can still affect the entire market. In a recent tweet, the billionaire said he would be willing to help Bitcoin reach the Moon. In addition, his recent tweet indicated that he’s supportive of Dogecoin.
Musk has been a vocal critic of cryptocurrencies. His recent tweets have fueled a rally around Bitcoin, which has increased to more than $38,741 on Thursday. The CEO of SpaceX and Tesla has publicly stated that he will not participate in cryptocurrency. But he has engaged with users on Twitter. If Elon Musk has a say in it, then he’ll do it.
Cryptocurrency News: Aside from praising Dogecoin, he also has a large stake in Bitcoin. Despite Musk’s disapproval of the cryptocurrency, the billionaire has repeatedly praised it. And he has been tweeting about it on his Twitter account. That means he’s a fan of Dogecoin. So, what is he up to with it?
The Price Is Still Far from The Highs of Bitcoin and Ethereum
Despite Musk’s support for Dogecoin, the price is still far from the highs of Bitcoin and Ethereum. On Saturday, the company’s CEO, Elon Musk, discussed the cryptocurrency on his show. The company’s CEO Elon musk cryptocurrency has been a fan of crypto since its launch. The currency has been popular among users worldwide. But it’s not without its problems. There are many other cryptocurrency exchanges that have failed to meet Musk’s expectations.
In February, Elon Musk declared Dogecoin as his preferred cryptocurrency. Similarly, he also stated that the physical token of Dogecoin would be placed on the moon. Besides its popularity, Musk also said that the cryptocurrency will reach 5,000 percent in 2021. Aside from that, his company is working on a cryptocurrency-related venture. The CEO of SpaceX is also an investor in crypto-currency.
As of May 2018, the company had a stellar year. In May, Elon Musk suspended Tesla’s bitcoin acceptance and said that he was working with the developers of Dogecoin to increase the efficiency of transactions. But no further details have been revealed, but it seems that he is still a fan of crypto-currency. The CEO’s recent tweets have reassured fans of Dogecoin.
Read Also: How to Get $25 of Free DeSo Crypto
The Value of Dogecoin This Week
The value of Dogecoin surged this week as Elon Musk vouched for it. He also mentioned that it is one of the strongest communities of users. The cryptocurrency has been around for less than a decade, but it has recently seen a big boost. At least three billion users have registered, according to the company’s website. As of August 17, it is up by more than 10% on the day.
As with any new investment, cryptocurrency is not without its risks and hype. Experts recommend that investors don’t spend more than they can afford to lose. Although the price of Dogecoin is currently a few hundred dollars higher than it was in February 2018, the coin has gained 8,000 percent in one year. This is the highest growth rate in a year for a single day.
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