Dogecoin may be the perfect vessel for Elon Musk to cover Tesla’s persistent inability to dramatically boost its financial bottom line
Dogecoin (DOGE), a cryptocurrency created as a joke, finds itself at the very center of the ongoing momentum push in the wider crypto sphere. Having benefitted from the legendary mercurial temperament of Tesla’s CEO, Elon Musk, Dogecoin may yet traverse new heights if the top global electric vehicle manufacturer were to purchase a stake in the meme coin. The story of Dogecoin as the center of attention in the financial world is quite rocky. To do justice to this developing phenomenon, we would have to go back to early 2021 when Elon Musk famously declared that Tesla ( NASDAQ:TSLA) had purchased a $1.5 billion stake in Bitcoin (BTC) and that the EV manufacturer would accept the top cryptocurrency in the world as payment for its vehicles. This announcement unleashed a fierce rally in not only Bitcoin but also the wider crypto sphere. Musk also intermittently pumped Dogecoin, endorsing it as a viable crypto coin. These endorsements translated into a fierce upward momentum in Dogecoin, with the price action reaching a fever pitch just ahead of Musk’s Saturday Night Live stint. As the loyal fanbase of Tesla’s CEO tuned in to watch Dogecoin get pumped on air, the coin scored an all-time high and was on the verge of achieving parity with the dollar. Alas, those hopes were dramatically slashed as Elon Musk termed Dogecoin – the crypto coin he relentlessly pumped – a veritable “ Hustle ”. In the ensuing maelstrom, DOGE lost almost half of its value. GALAX Launches The GeForce RTX 3060 & RTX 3060 Ti LHR With The NVIDIA Cryptocurrency Mining Limiter Not content with wrecking the budding momentum in Dogecoin, Musk then turned his roving eyes toward Bitcoin.
