invstr
Published in

invstr

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.

Financial insights and news to helping educate investors. We deliver content from market leaders, academics, investors and more who are keen to share their intelligence on the latest business developments.

Recommended from Medium

How Cambridge Analytica used fashion to undermine the perception of reality in political…

Bitcoin Mining’s Three Body Problem

Miners Stop Selling BTC — $12,000 is the Next Bull Target?

ARPA Monthly Report | July Progress Review

NFT Flipping Guide — How to flip NFT for profit 2022

Capital Weekly Report | July 8–14 2021

DeGeThal Partners With Polygon To Unite TradFi and DeFi

Newsletter #4 Passive income with Crypto (wk18–2021)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Invstr

Invstr

Build confidence, and invest with knowledge. Play, learn, & invest on the Invstr app today! Available on iOS and Android. https://invstr.com/

More from Medium

Quantum Cryptography — Future of Blockchains

How & Why Did Crypto Grow so Fast?

Digital Dives: The Crypto Plunge — The Great Resignation & Rush to Web3 — Vol. 1

The Philosophy of Bitcoin and Cryptocurrencies Investing by Robert Breedlove