Tesla and SpaceX CEO Elon Musk has seemingly reaffirmed his assist for the meme-inspired cryptocurrency Dogecoin by altering his profile image to one in every of him with sun shades with the Shiba Inu canine, which represents DOGE, on the reflection.

After many observed that Musk adjustments his profile image to reaffirm his assist for the cryptocurrency, the worth of Dogecoin pumped by over 10%, however it finally misplaced these features because the cryptocurrency market as an entire stored on transferring downward.

Knowledge exhibits that DOGE is at present buying and selling at $0.165 after falling from an all-time excessive close to $’.74 hit earlier this yr. The cryptocurrency began 2021 round $0.004 however soared after celebrities like Elon Musk, Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg, and others promoted it on social media.

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Knowledge from Coinbase, first reported on by Insider, exhibits that DOGE’s buying and selling quantity soared by over 1,250% within the second quarter of the yr on main cryptocurrency exchanges, going from $74 million a day in April to $995 million a day in June.

As compared, ether’s buying and selling volumes rose 53% quarter-on-quarter to a median of $3.25 billion a day on cryptocurrency buying and selling platforms, whereas bitcoin’s day by day buying and selling volumes fell 14% to $4.01 billion.

Earlier than altering his profile image, Musk wrote that his child son, X Æ A-12, is a DOGE HODLer, which additional helped the cryptocurrency’s value rise.

The CEO beforehand purchased his son the cryptocurrency so he could possibly be a “toddler hodler” and famous he himself owned DOGE, however didn’t disclose any quantities. He has hinted a number of occasions on social media he by no means bought any of his holdings.

He has earlier defended on social media efforts to scale the meme-inspired cryptocurrency after calling each Bitcoin and Ethereum “sluggish” at their base layer, and steered another path for DOGE.

Responding to YouTuber Mark Wallace who expressed pleasure for an upcoming DOGE replace, Musk commented that each bitcoin and ether are “pursuing a multilayer transaction system,” referring to the Lightning Community and different layer-two scaling options, and added these cash are holding “base layer traction” charges sluggish and prices excessive.

Musk added there may be advantage to Dogecoin maximizing base layer transaction charges and minimizing transactions prices whereas utilizing cryptocurrency exchanges because the “de facto secondary layer.”

DISCLAIMER
The views and opinions expressed by the creator, or any folks talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a threat of economic loss.

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