SpaceX CEO Elon Musk at it again
Barely about 14 days ago we saw what happened to Dogecoin when Chief Executive Officer of Tech Giant SpaceX tweeted about the Coin. It sent Doge appreciating by over 700%. This at that moment is what we call “Pump and Dump”. Well, for the pump, Dogecoin enjoyed it so much so well, but for the Dump, I say we live to see what happens to the coin that is mocked by many but has been resilient for so long. Whereas other altcoins fluctuates beyond the imagination of it’s users and it’s investors, Dogecoin has kept a steady value and a steady rise. Even if it will fall, it’s falling or devaluation is not as volatile as the likes of it’s grand master Bitcoin and other Altcoins.
It’s as if Dogecoin was used as a case study to invent stable coins like USDC, Pax Coin and all the other stable coins currently registering their presence in the crypto market.
Today, we once again arose from the bull run of Bitcoin hitting an all time high, valued at 43,000 USD to 1 BTC because Elon musk has showed his love once again for cypto currency by purchasing $ 1.5 billion worth of Bitcoin. Indeed this spiked the price of bitcoin to what we see today.
According to Elon Musk, his company is taking this giant step to encourage other business and firms to also invest in Bitcoin. This will hopefully turn bitcoin into a main stream asset for store of value in future.
I think this is good news and therefore should be embraced by all as this risky venture or better put initiative by Elon and his firm will in future reduce the volatility bitcoin and other coins face on the market.