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A statement by Elon Musk gave a major blow to cryptocurrency Dogecoin, prices fell by 23 percent in 24 hours

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On the occasion of Mother’s Day, a statement by Elon Musk about the cryptocurrency Dogecoin went against him. Due to which, a continuous decline in its prices was recorded.

Elon Musk’s statement on cryptocurrency Dogecoin

Elon Musk, the world’s third richest man and CEO of Tesla, has been in the news for quite some time. Their investment in their favorite cryptocurrency Dogecoin led to a strong trend among investors to buy it. This is the reason why its prices have skyrocketed. But due to a statement by Elon Musk on the occasion of Mother’s Day, Dogecoin has suffered a major setback. In the last 24 hours, its price has fallen by almost 23 percent.

On the occasion of Mother’s Day, Alan Musk is said to have talked about the gift given to his mother in a live TV show on 8 May 2021, that is, on Saturday night. He said that he is giving Dogecoin as a gift to his mother. However, when her mother came on the TV show, she said that she is very excited about the gift of Mother’s Day. However, I hope it will not be Dogecoin. Since this statement by Alan and his mother about cryptocurrency, the price of Dogecoin cryptocurrency has seen a sharp decline.

According to a Coindesk report, at 6:30 pm on May 9, 2021, a dogquin was priced at $ 0.44. On this basis, the price of dogquin has fallen by 23 per cent in the last 24 hours. It may be known that earlier this year, Elon Musk’s favorite cryptocurrency has recorded an increase of more than 130 times.

Dogecoin was mocked by two software engineers

Dogecoin started with the fun of software engineers Billy Markus and Jackson Palmer. He introduced it in fun in the year 2013. Later it came into the headlines through social media. Today it is one of the most popular cryptocurrencies in the world. One of the trading platforms RobinHood has also crashed due to its popularity.

Prices rose due to Elon Musk’s interest

Elon Musk initially posted a photo of Dogue magazine showing a dog in a red sweater. This increased the price of Dogecoin. Musk later made several tweets in February about Dogecoin. Due to which the prices of this cryptocurrency skyrocketed. Then it had risen from 3 cents to 5 cents. Musk also tweeted One Word: Doge on December too and its price had increased by 20 per cent.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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