In spite of the latest collapse of the cryptocurrency industry, which was greatly blamed on Tesla CEO Elon Musk. It seems the billionaire tech mogul is not in a mood to back down from twittering about the digital resources. Several investors criticize Musk’s tweets as tries to “manipulate” the crypto industry. In addition, asked him to stop twittering on the subject. However, Musk ignores the requests and again speaks regarding his latest favorite, Dogecoin, albeit jokingly. He called a concept for a hot tub to harness the heat produced during mining of the meme currency a “great concept”.
Musk’s comment regarding Dogecoin on a tweet by a crypto trading app known as Blockfolio sees the Dogecoin price in INR rise from 20.84 prior to his tweets. Which is immediately rising to 22.41 within hours of his tweet. At the time of the script, the report, Dogecoin was of value INR 22.10.
His comment has also got more likes and retweets than the original suggestion by Blockfolio. Several people took Musk’s comment as a signal for an approaching bull run for the cryptocurrency. Or also could be Musk’s Boring Company or Tesla accepting Dogecoin as payment.
The electric vehicle manufacturing firm had primarily announced it will accept payments in Bitcoin. Bitcoin is the globe’s largest and most popular cryptocurrency. However, later backtracked its declaration on the back of weather worries.
Musk tweets an announcement from Tesla that fossil fuels were lashing Bitcoin mining. The Tesla CEO, however, says that he is in support of cryptocurrencies, but they require them to be energy efficient. This is in order to become the “future currency of the globe”.
These decisions and his gig on the famous TV show Saturday Night Live, where he is known as Dogecoin “a hustle”. This is an accompaniment by China’s tightening regulations over crypto trading are put to blame for triggering a decline spiral in the industry.
Musk’s firm SpaceX is already intending to transmit an operation to the Moon. This fund for the entire operation is an arrangement by Dogecoin. Geometric Energy Corporation makes a booking with a rideshare operation to the Moon aboard a SpaceX Falcon 9 rocket.
The operation will launch in the first quarter of 2022. However, since Musk posts the tweet, the news on April Fool’s Day, it is smart to wait until more details are shared.