” The Elon Musk effect " proved for Dogecoin (DOGE)!

Doge-related calls set record after Elon Musk

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Tesla and SpaceX CEO Elon Musk are also known for their breakthroughs in the cryptocurrency sector. Although Musk has tweeted a lot about the leading cryptocurrency Bitcoin (BTC),it can be said that his main favorite is another cryptocurrency. Musk's favorite is Dogecoin (DOGE),which was released in the early years of the industry purely for criticism and joke purposes.

Adoration of Elon Musk and the Doge

Elon Musk has tweeted about Dogecoin many times in previous years and even made changes about it in his own profile. Elon Musk's tweet on December 20, 2020, which saw a 150% DOGE price increase, officially proved the situation known as the “Elon Musk effect.”

The richest man in the world used the phrase “one word: DOGE” at the time. Dogecoin's search data on Google reached an all-time record after this tweet from Musk, who gave no financial advice or made no recommendations. Between January 3 and January 9, 2021, Dogecoin searches even surpassed Bitcoin searches.

Made for the price of DOGE Pump

As of the time of writing this article, DOGE has recorded a 269% increase in 1 year. DOGE, which traded at $ 0.002 1 year ago, rose to $ 0.010 after Musk's tweet. As of the time this article was written, it is the largest 37. the Doge, the cryptocurrency, appears to have a unit price of $ 0.009.

Elon Musk's use of the phrase “my favorite cryptocurrency” about the DOGE may have more than one reason. Unlike other cryptocurrencies, DOGE has no goals or road maps. Released entirely to criticize the cryptocurrency industry, Doge's choice of a dog, also known as Shiba Inu, as the project face and mascot soon made everyone recognize it.

Elon Musk has also repeatedly shared the Shiba Inu breed dog before, revealing where this interest actually came from.

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