Well it is interesting to note how the trend has helped the market grow. As far as it is positive and most coin owners are benefitting we ought not to complain. Powerful men has control over a lot of things.
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Well, being the richest person, many people took his tweet to mean interest on cryptocurrency and they demanded more of it which lead to the increase in the prices of those coins.There has been a lot of increases in the price of cryptocurrency lately, and I think that the two that are the most notable for me personally is the increase in Dogecoin and Bitcoin as well. These coins have increased drastically, with dogecoin even reaching the 0.1 USD mark in Australia and now trading at 0.08 USD. Bitcoin on the other hand, has increased to over the 45k mark, and continues to show a strong trend of reaching that 50k mark that I believed to previously be a pipeline dream that may only happen in the middle of the year.
This was all caused, in my opinion, by one person, i.e. Elon Musk. After his recent tweet of dogecoin and investment into Bitcoin, the prices of these coins have surged drastically, showing the effect and power than one person can have n the cryptocurrency market. As much as this is good, is this also dangerous in terms of the fact that the market can also go in the reverse direction if someone as powerful as this chooses to do so? What are your thoughts?
This does make sense because he can have the ability to invest large amounts into a cryptocurrency coin which will ultimately result in that coin increasing in value substantially. After all he seems to be driving the demand market for cryptocurrency is quite substantially.Well, being the richest person, many people took his tweet to mean interest on cryptocurrency and they demanded more of it which lead to the increase in the prices of those coins.
The main concern that Elon Musk has raised when it comes to this cryptocurrency is the fact that they are a selected few number of whales which can actually impact the market quite drastically. If the number of whales had to decline then I think that this cryptocurrency will receive his full support.I think elonmusk infulence on dogecoin have been amazing , because his impact made the coin more popular and also the price was boosted
I think maybe thats why probably he was asking those whales to sell off their dogecoin to him and he would be ready to buy them,i think he might probably be making the coin centralised in that situationThe main concern that Elon Musk has raised when it comes to this cryptocurrency is the fact that they are a selected few number of whales which can actually impact the market quite drastically. If the number of whales had to decline then I think that this cryptocurrency will receive his full support.
In a way it could be a very good thing, because this cryptocurrency is able to offer as fast transactions with low transaction fees and at the end of the day when it comes to purchase is that is the most important thing for daily use.I think maybe thats why probably he was asking those whales to sell off their dogecoin to him and he would be ready to buy them,i think he might probably be making the coin centralised in that situation
But we should noticed one thing that despite everything he neverade use of dogecoin for telsa transaction and others this surprised me thoIn a way it could be a very good thing, because this cryptocurrency is able to offer as fast transactions with low transaction fees and at the end of the day when it comes to purchase is that is the most important thing for daily use.
That is true. However, if you think about it, dogecoin still has a lot of drawbacks in terms of the fact that it has an infinite supply and maybe if this is address he could accept dogecoin in the future.But we should noticed one thing that despite everything he neverade use of dogecoin for telsa transaction and others this surprised me tho
I noticed the infinite supply also there are to many whales holding dogecoin ,we need to be more careful when investing more in the coinThat is true. However, if you think about it, dogecoin still has a lot of drawbacks in terms of the fact that it has an infinite supply and maybe if this is address he could accept dogecoin in the future.
Yeah i noticed that the price of digecoin have moved high as ×5 and those who held the coin ,would counting themselves luck for holding the coinElon musk tweeting on twitter about dogecoin and investing in it has makes the right turning around for dogecoin and dogecoin is fast rising everyday, as at last week, dogecoin in my country currency is 20naira but now it is 100naira, just writhing two days interval.
Money is very powerful and its effect is very great. This man was able to achieve all these due to the fact that he's very rich and has the financial strength to do so.There has been a lot of increases in the price of cryptocurrency lately, and I think that the two that are the most notable for me personally is the increase in Dogecoin and Bitcoin as well. These coins have increased drastically, with dogecoin even reaching the 0.1 USD mark in Australia and now trading at 0.08 USD. Bitcoin on the other hand, has increased to over the 45k mark, and continues to show a strong trend of reaching that 50k mark that I believed to previously be a pipeline dream that may only happen in the middle of the year.
This was all caused, in my opinion, by one person, i.e. Elon Musk. After his recent tweet of dogecoin and investment into Bitcoin, the prices of these coins have surged drastically, showing the effect and power than one person can have n the cryptocurrency market. As much as this is good, is this also dangerous in terms of the fact that the market can also go in the reverse direction if someone as powerful as this chooses to do so? What are your thoughts?