On May 13, Tesla (NASDAQ:TSLA) CEO Elon Musk announced that he is now working with Dogecoin (DOGE) developers to make DOGE transactions better and more efficient.
Interestingly, shortly after Elon shared the news, Dogecoin price increased overwhelmingly by over 14%. Of note, the sensational meme-coin, Dogecoin, began literally as a joke with no technological features.
However, Elon has consistently shared a series of DOGE related statements this year. Notably, Elon’s DOGE statements have greatly pushed the altcoin’s price higher. For instance, when Elon called it a “hustle” on May 8.
To clarify, Elon dubbed DOGE as “hustle” when he appeared on “Saturday Night Live”.
Not only Dogecoin, but Elon has also greatly influenced Bitcoin (BTC) price movement these days via a series of tweets and announcements.
However, due to Elon’s effect on both Bitcoin and Dogecoin, the crypto community thinks that Elon’s actions could be aimed at manipulating the entire crypto market. Based on a report, many also believe that Elon could have DOGE on a “rhetorical leash”.
For this reason, the crypto community believes that Elon could cause a crash in DOGE at any time if he loses interest. “Whatever Musk’s intent, that puts DOGE holders in a uniquely vulnerable position”.
At the time of writing, Dogecoin price is $0.543753 with a 24-hour trading volume of $45,376,815,332, according to Coingecko.
This article was first published on coinquora.com
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Source: Cryptocurrency - investing.com
