Musk’s Plans for Dogecoin are Still Unknown. Market Analysts Demand an Explanation!
Even a drastic crypto crash and lawsuits cannot stop Elon Musk from supporting Dogecoin
Elon Musk is, yet again, creating a storm in the highly volatile cryptocurrency market with his favorite memecoin, Dogecoin. Being the top crypto influencer, Musk is always trying to manipulate the cryptocurrency prices with his cryptic tweets for his ardent followers. Crypto investors blindly follow his hints and instruction to invest in Dogecoin and any other cryptocurrency. Amidst lawsuits from Dogecoin investors, Musk has officially announced that he will still continue to support this memecoin in this current cryptocurrency market landscape.
Elon Musk is always known to be a popular crypto influencer for a long period of time. Amidst this Dogecoin lawsuit, he has helped the memecoin to gain around 11% with his constant support to make a smart investment in this memecoin. Dogecoin was incurring losses to crypto investors by dropping to US$0.04972 last week while after the crypto influencer’s effective influence, it gained around 11% to US$0.05788 at the beginning of this current week. The current Dogecoin price is US$0.6379 with a market cap of US$8.45 billion, with a volume of US$1.08 billion. It has entered the list of the top ten cryptocurrencies in the highly volatile cryptocurrency market.
That being said, no crypto investors are aware of the proper planning of this crypto influencer with Dogecoin. Yes, Musk is known as the Dogefather since the beginning of the launch of cryptocurrency. But he recently faced a whopping US$258 billion lawsuit (US$86 billion in compensatory damages and US$172 billion in treble damages) from one of the investors of this memecoin with an allegation of manipulation in the Dogecoin price. The case was filed alleging that Musk is engaged in a crypto pyramid scheme for inflating the memecoin price that has no fundamental value in the cryptocurrency market.
Still, no one has the power to stop Elon Musk from his activities. Despite being known as the crypto influencer and Dogefather, he has decided to support the Shiba Inu rival for a long period of time. Thus, it can be speculated that Musk will continue to help Dogecoin to soar in its price after repeated price crashes in the nearby future. But market analysts demand an explanation about the master plan behind Musk and Dogecoin’s relationship and the future plans on it. Crypto investors must be careful if they are following Elon Musk and his cryptic tweets on the microblogging site before investing in Dogecoin. It is beneficial to have the most powerful crypto influencer by the market’s side, but it has its con too— a coin always has two sides!