Forex Analysis & Reviews: 20.07.2021 - Elon Musk continues to...

20.07.2021 09:15 AM

Elon Musk continues to support his favorite cryptocurrency

Elon Musk continues to support his much-loved cryptocurrency Dogecoin, despite the fact that the entire altcoin market continues to decline, being completely in a bearish market. After Tesla's CEO manipulated Twitter again, Dogecoin's price surged by more than 10% after this event.

Many people thought that Elon Musk either forgot about the digital asset or listened to the advice of crypto enthusiasts and stopped writing any messages about cryptocurrencies, since he is a catalyst for both the growth and fall of any cryptocurrency and many are afraid of this.

Therefore, he was strictly not recommended to perform any actions regarding cryptocurrencies. However, it seemed to everyone that he had not forgotten Dogecoin, and so he updated his Twitter profile photo to show his love for cryptocurrency. Elon Musk put a photo of himself in glasses with a reflection of Dogecoin on them in order to prove his loyalty to the cryptocurrency.

After this action of the Techno King, the price of Dogecoin rose from $ 0.18 to $ 0.202 that night. However, this was temporary. Dogecoin declined to the level of $ 0.173 again after a short while, since the crypto asset, like all other altcoins, is completely in a bearish trend.

Dogecoin has been falling by more than 70% since it reached its historical peaks back in May when it was trading at $ 0.733. After such a global decline, many fans and crypto enthusiasts simply prayed to Musk that he would write something on Twitter to artificially raise the price of the crypto meme.

But despite all the requests, Musk remained adamant and remained silent for a long time. At the beginning of June, he only mentioned Baby Doge – this is a new crypto name that Elon actively began to promote, after which it grew by more than 90%. After such growth, the American company Nascar even added a Baby Dogecoin to its cars.

Meanwhile, one of the creators of Dogecoin and Ethereum, Jackson Palmer, continues to speak negatively about cryptocurrencies. Palmer is sure that cryptocurrencies are very bad in terms of decentralization. According to him, this is a complete illusion and the entire crypto market is controlled by major players in the market.

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