Elon Musk DOGE Father?
Why Elon Musk Calls Himself the Doge father in the Crypto World
In an event hosted by Saturday Night Live, Elon Musk created a lot of excitement about Dogecoin, something that led to the shoot in value of the cryptocurrency afterward. This is after his several Tweeter posts where he had been mobilizing Dogecoin attention among fans and traders.
The Tesla and SpaceX billionaire used the show platform to explain cryptocurrency to his audience, where he termed Dogecoin as something that started as a joke but is now ‘heading to the moon’.
Previously, Doge’s price was predicted to jump by 73% because of Musk’s appearance on the night show. However, Barry Silbert, founder of Digital Currency Group (DCG), ridiculed this speculation saying that Dogecoin price would still ‘terribly’ fall.
It is said that the price or value of Dogecoin would jump whenever Elon Musk tweeted or said anything about Dogecoin. Possibly, this is why he is widely referred to as Doge father.
Since its birth, Cryptocurrency has outrun most of the digital market assets, with Dogecoin gaining as fast as 70 times.
Despite few Doge payment acceptance still witnessed, it is estimated that the currency has so far gained a market capitalization of nearly $80 billion. However, the acceptance is steadily growing with many entrepreneurs like Dallas Mavericks now accepting Doge as a means of exchange.
Musk’s DOGE investment caution
In what came as a surprise to many people, Musk has not invested a lot of his money into the cryptocurrency as expected. This is despite his frequent Twitter support and marketization for Dogecoin.
Terming cryptocurrency as something that might turn out in the future as a fun tool, Elon Musk warned his followers to take caution while investing in Dogecoin.
“People should not just invest their life savings in cryptocurrency because that can be unwise,” said Musk.