The world's richest billionaire, Elon Musk is an important individual who often appears in the course of the current crypto market and sometimes manages to influence major crypto movements such as Bitcoin (BTC) and Dogecoin (DOGE).
He previously invested $1.5 billion in Bitcoin (BTC) for his company, Tesla Inc in 2021 until its value reached $2.48 billion at the end of 1QFY21.
However, it surprised the market when Musk pledged 75% of the BTC assets held to fiat currency citing the state of Covid restrictions in China at the time. The streak, BTC continued to decline 2.17% after Musk stated about the sale of his company's BTC.
In addition to selling BTC, Musk once bought Dogecoin (DOGE) until the price of the cryptocurrency continued to rise only because Musk promoted and hyped the DOGE. However, the price of DOGE declined again when the hype began to decrease and most investors were less convinced by Musk's words.
Previously, Musk's every tweet on his Twitter account was in the spotlight and was seen as a driver of Dogecoin until it once reached a level that exceeded $0.70 in May 2021. However, the effect of that influence has begun to fade among investors.
Now, Musk has once again openly expressed his support for Dogecoin by praising its transaction process. In addition, Dogecoin also has 'memes' and 'dogs' which are entertaining and not too serious.
Initially DOGE was created as a joke but the price of DOGE has risen over the past 18 months before declining further after that.
After Tesla bought Bitcoin last year, Musk began a long-term campaign to upgrade DOGE to beat BTC. In the meantime, DOGE developers will improve its security and efficiency.
According to Musk, although DOGE is only designed to be a ridiculous joke cryptocurrency, the total transaction capacity of DOGE is higher than BTC. Therefore, Musk will continue to buy DOGE and support it.
Musk also announced that he will start accepting payments using DOGE to buy goods at rocket company SpaceX following in the footsteps of Tesla which accepted payments for the purchase of goods in January.
