What is the current Dogecoin price? Elon Musk expresses his support for a “significant” reform via Twitter.
DOGECOIN, which began as a spoof cryptocurrency based on a popular meme, has gained traction in recent months. So, what is the current Dogecoin price?
Elon Musk, the billionaire Tesla CEO, has been following Dogecoin in recent months. This year, Mr Musk tweeted that he wanted SpaceX to place a “literal Dogecoin on the literal moon.” Dogecoin supporters have flooded social media with messages expressing their support for taking the cryptocurrency “to the moon.”
In the past, Mr Musk’s tweets about bitcoin have had a significant impact on their value.
Mr Musk’s tweet announcing Tesla’s decision to stop accepting Bitcoin for vehicle transactions sent the cryptocurrency’s price crashing.
However, it appears that Mr Musk’s most recent tweet praising Dogecoin has contributed to a rise in the cryptocurrency’s price.
A proposal to reduce the transaction costs associated with Dogecoin has been proposed.
A normal transaction’s average charge would be reduced by about 100 times under the proposal.
On June 28, Mr Musk responded to a tweet regarding the Dogecoin fee adjustment idea by saying, “Important to support.”
Dogecoin was trading at $0.272789 (£0.197341) on Tuesday afternoon, according to CoinDesk (BST).
Dogecoin’s price had risen 7.57 percent in the previous 24 hours.
In addition, the cryptocurrency had a market capitalization of $35.48 billion (£25.67 billion).
Mr Musk’s latest post, according to one cryptocurrency specialist, simply serves to “fuel” the frenzy already surrounding Dogecoin.
“Dogecoin already gained popularity recently because to the bull run that has taken place across the crypto sector (particularly ETH and BTC), causing hype and a sense of FOMO amongst mainstream investors,” Pavel Mateev, CEO of crypto card business Wirex, told This website.
“Musk’s tweet merely adds to the anticipation and excitement.”
Although Dogecoin has attracted a lot of attention in recent months, it’s unclear whether it has the long-term potential of other cryptocurrencies like Bitcoin and Ethereum.
“Whether it goes up or down from here is anyone’s guess, but the cryptocurrencies that look the most volatile to plunges like we’ve seen recently are ones not backed by too many real-world use cases like Dogecoin,” Michael Kamerman, CEO of Skilling, told This website.
“In my opinion, cryptos that underlie real-world use cases, such as Ether, will remain popular since they are supported by more than just speculators.”Brinkwire Summary News”.