Elon and Dogecoin 💸
On Friday night, Elon Musk posted a rather interesting poll on Twitter. In the poll, the CEO of Tesla and SpaceX asked his followers to choose “the future currency of earth.” The two choices Elon gave to his 45+ million followers were “Dogecoin to the Moooonn” and “All other crypto combined.” Dogecoin won with 71.3% of the vote, more than 1.7 million people voted for the popular altcoin.
On Sunday, Musk let out another tweet amid Dogecoins rally. He tweeted “Who let the Doge out” as Dogecoin rose more than 50% in 24 hours to reach an all-time high of more than 8 cents.
Dogecoin is now the 8th largest cryptocurrency with a market value of $10 billion. It’s 2021 rally is unprecedented — the altcoin started as a joke in 2013. But social media and a massive increase of retail investors have sent Dogecoin to the moon.
Elon Musk isn’t the only celebrity talking about Dogecoin on social media. Rappers Lil Yachty and Snoop Dogg, Tiger King’s Carole Baskin and musician Gene Simmons have all advocated for the Shibu Inu themed altcoin. And of course, members on the infamous subreddit WallStreetBets are boasting about Dogecoin’s success.
With so many retail investors discussing Dogecoin on social media, it’s no surprise its popularity has risen massively in 2021. In just the past two months, Dogecoin has rallied more than 1500%! It’ll be interesting to see if the cryptocurrency continues this huge rally in the coming months.
Today’s special mention goes out to Luvy Brar for his trade in Aurora Cannabis resulting in nearly a 39% gain in just under 4 weeks.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
Originally published at https://invstr.com on February 8, 2021.