Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Dogecoin has come under criticism yet again due to its price being influenced by Musk. While the memecoin has been a fan-favorite for a long time, its over-reliance on Elon Musk paired with a restricted vision with no real-world use-case has caused it to be dropped from the purses of many investors and traders.
Although memecoins were created as a joke, there has been an increase in terms of their roadmap and structure giving them more applications. Shiba Inu is one such token that was launched taking inspiration from DOGE but went on to create its own space. Dogecoin is currently struggling to find its foothold, however, there are still many who hold onto the memecoin.
Musk’s influence
The advent of Dogecoin was crucial in preparing the ground for the present expansion of the meme coin arena. The cryptocurrency’s popularity truly took off when Tesla CEO Elon Musk started endorsing the coin.
Musk joined the Dogecoin bandwagon in 2019, primarily as a joke. However, over many months, his social media remarks about Dogecoin lent it more and more credibility.
His earliest mention of Dogecoin came on X (formerly Twitter) in April 2019, when he called it “my fav cryptocurrency.”
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
DOGE increased by more than 70% immediate
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Author: AMBCrypto Team
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