It all began on February 4th: “Doge,” tweeted Tesla Founder, Elon Musk, underneath a picture of a rocket blasting off toward the moon.
Doge
— Elon Musk (@elonmusk) February 4, 2021
However, not everyone is happy about the celebrities’ sudden enthusiasm about DogeCoin. A post with 980 upvotes on the r/Cryptocurrency Reddit page said that “this doge situation is seriously damaging to crypto.”
“Elon Musk literally tweeting ‘Doge’, and it skyrocketing the way it has is just giving more reasons for governments to take legal action against crypto,” wrote the author of the post, user u/Jones9319.
“So many will lose money from this and any credibility Elon Musk has about crypto will be gone. The whole doge thing is funny, sure, but I’m not sure we want mainstream media using it to define crypto as a literal joke.”
And, Elon has joked about crypto in the past: in December, Elon said on Twitter that Bitcoin was “as useless as fiat” money. Moreover, he briefly changed his Twitter bio to “Former CEO of Dogecoin.”
Around the same time, Elon commented during a conversation on social networking app, Clubhouse that “I occasionally make jokes about Dogecoin, but that’s because Doge was made to make fun of crypto assets. The most ironic outcome would be that Dogecoin becomes the currency of earth in the future.”
However, whether or not all of this is a joke, the events of the last several weeks in the investment world have proved that crypto is not the only asset that may be susceptible to crowd-sourced hype. Traders on the r/WallStreetBets subreddit have pumped GameStop Inc (NYSE:GME) from roughly $18 a share one month ago to $64 at press time; at one point, the stock’s price rose as high as $350.
bestadmin
