While Elon Musk is known as the leader of world-renowned technology giants such as Tesla and SpaceX, he also creates a significant impact in the cryptocurrency world with his posts on social media. His relationship with Dogecoin, in particular, has received widespread attention among Musk’s followers and the cryptocurrency community.
On October 31, 2021, a post shared by Elon Musk on his Twitter account once again revealed his interest in Dogecoin. Yesterday, Musk re-wrote his own post suggesting that dog owners pay tuition fees with discounted Dogecoin. like. This appreciation has led to speculation about Dogecoin’s future and fluctuations in the cryptocurrency’s value.
Musk’s influence on social media platforms has a great impact, especially in the cryptocurrency market. Some of his previous posts had caused rapid and large changes in the value of Dogecoin. Although Dogecoin initially emerged as a joke, it turned into a serious investment tool with Musk’s support.
Musk’s X Goals
Company X, led by Elon Musk, aims to expand usage and commerce opportunities by launching peer-to-peer payments in 2024. This initiative is part of Musk’s vision of turning X into an “everything app” that can be used for a wide range of applications, from social networking to financial transactions.
Musk is focusing on bringing together various features so that the X is not just a vehicle, but also a platform that facilitates many aspects of daily life. In this context, the introduction of peer-to-peer payments will offer X’s users the ability to carry out financial transactions more seamlessly.
The announcement brought with it excitement that cryptocurrencies could be included among X’s payment options. This step is considered as a step towards greater acceptance and use of digital assets in daily life. However, it is unclear whether Dogecoin will be among these supported currencies.
Musk’s Dogecoin support
Dogecoin has become a cryptocurrency that has gained popularity due to Elon Musk’s influence on social media platforms.
Musk made a big impact when he replaced Twitter’s iconic bird logo with an image of the Doge, shortly after acquiring the social media platform for $44 billion in October 2022. This move caused Dogecoin’s value to rise by 8%, demonstrating the significant impact Musk’s endorsements have on the market. However, Musk later removed the Doge logo to rebrand the platform as X.
While Dogecoin gains value under Musk’s influence, it can also lose value depending on other factors. Therefore, those considering investing in the cryptocurrency market should be careful to evaluate possible future developments and make decisions considering the risks.
You can follow the current price movement here.
