DOGE is set to debut in popular culture.

With the one-week pump pushing memes up 12% to $ 0.33 a day and a staggering 43.8% in 7 days, some speculate that the rally may be partly driven by billionaire Elon’s harassment on social media. … mask that he will appear on Saturday night in a live drawing of “The Dogefather.”

Musk’s fascination with cryptocurrency dates back to the past year, and recently it appears he has doubled down on his interest in what would be an elaborate joke on social media. While one of his companies, electric car maker Tesla, added BTC to its balance sheet last year, the businessman still looks somewhat confused about cryptocurrency in general – realizing that blockchain could be the future of human commerce, and at the same time the challenge. Jokes on Stuff.

“What’s the most ridiculous finding?” He said of Dugger in an interview in February: “The coin that was invented as a joke has actually become real currency.”

However, the market is taking its potentially annoying tweets very seriously. While the correlation can be weak and complex, several studies have shown that Musk’s tweets about the coin tend to push the coin up.

In January, Blockchain Research Lab published a paper titled How Elon Musk’s Twitter Activity Affects the Cryptocurrency Market, which found that six incidents of Musk’s social media activity contributed to DOGE’s growth.

Likewise, Protos’ analysis found that his four tweets had a double-digit effect on DOGE’s price (Tweets about Bitcoin and Ethereum can also change these markets, but the lower market price of DOGE makes pumping easier).

DOGE is particularly exposed to the noise as the number of posts on social media – especially positive posts on social media during the day in the US – are constantly pushing the coin.

It remains to be seen if painting on Saturday night will have the same effect. The show played heavy music dedicated to non-mushroom icons in March, although the NFT Awards may have since turned into a “quiet breakdown”.

Source: CoinTelegraph

LEAVE A REPLY