In the highly volatile and fluctuating cryptocurrency market, the most popular stablecoin has begun to tremble. Due to the de-pegging of UST, the cryptocurrency price has reached US$0.00004548.
The collapse of Terra, as well as the trust in all cryptocurrencies and projects, has alarmed crypto investors.
In the midst of the major drop in the price of Terra, Elon Musk, the most popular crypto influencer for a few cryptocurrencies, has claimed that he will help revive the price of a memecoin, Dogecoin. Due to the red flags in the cryptocurrency market, crypto investors are extremely tense.
With the help of Elon Musk, Dogecoin may be able to increase its price as a memecoin. With a current CoinMarketCap ranking of 228, the collapse of Terra has surprised us all.
Could Elon Musk save Dogecoin?
Dogecoin was created as a memecoin to mock the most popular cryptocurrencies on the market. However, thanks to its innovative features, it has become a popular cryptocurrency.
Elon Musk, the CEO of Tesla, SpaceX, and the most recent owner of Twitter, is a top crypto influencer and a proponent of Dogecoin in the cryptocurrency market. With his cryptic tweets, he is known for using the Musk effect to influence the masses.
Investors in Dogecoin have begun to rely on Elon Musk to allow the cryptocurrency to be traded on Twitter. Elon Musk tweeted during the Terra crash that Dogecoin, as a memecoin, still has the potential to be a strong cryptocurrency.
However, Terra’s crashing and shocking news has dominated his tweet, and no one seems to be excited about it. The price of Dogecoin has risen from US$0.1172 to US$0.1270 as a result of the tweet.
In the highly volatile cryptocurrency market, Dogecoin is the tenth most popular cryptocurrency. Memecoin’s current price is US$0.09357, with a market cap of US$12.29 billion and a volume of US$2.53 billion.
Elon Musk is well-known for providing funding to Dogecoin blockchain protocol and software developers.
Tesla has already announced that it will accept Doge cryptocurrency and will not accept Bitcoin or other cryptocurrencies. This boosted the cryptocurrency price prior to the Terra debacle. In the cryptocurrency market, he is known as the Dogefather.
In January 2022, he stated that he would eat a McDonald’s Happy Meal only if the fast-food chain began accepting memecoin as a form of payment. Elon Musk has also hinted that SpaceX may begin accepting Dogecoin as a suitable payment method via crypto wallets.