Dogecoin Price Rises As Elon Musk Reissues Support For Crypto – Will Doge Fly To The Moon? | City & Business | Finances
Mr Musk’s public interest in Dogecoin and other cryptocurrencies of this type has divided people in the industry as many are concerned that his market-changing tweets only add to the problem of volatility in relation to cost.
However, others who support crypto claim that doing so will help draw attention to the industry, move into the mainstream financial space, and ultimately drive adoption in the process.
Michael Kamerman, CEO of financial technology company Skilling, said, “The main reason Dogecoin is so popular is its online communities, coupled with the support of high profile business tycoons like Elon Musk.
“It’s moved by headlines, tweets, celebrities, or company recommendations, and while this is likely to be belittled by ‘traditional’ investors, it brings the masses to cryptocurrencies.”