Tesla CEO’s Dog meme pumped Dogecoin successfully amid the long downfall of the cryptocurrencies.
Dogecoin is a popular meme coin. Tesla CEO Elon Musk is popular in the crypto sector because of his bullish support for Dogecoin. Musk personally holds Bitcoin, Ethereum, & Dogecoin only.
On 19 July 2023, Elon Musk tweeted a new Dog meme to show how Dogs are more intelligent than philosophers.
Following this new meme, Dogecoin trade price surged from $0.060 to $0.071 within a couple of hours, so Dogecoin surged by 18.5%.
The current trade price of Dogecoin is $0.07 & this trade price is 1.54% higher over the last 24 hours.
In the present time, Dogecoin is top-ranked Proof-of-work (PoW) crypto blockchain and this is the reason why Dogecoin is a highly secured crypto network just like Bitcoin.
In early of this year, several experts in the crypto sector noted that it will not be enough for Dogecoin to stand in the top 10 crypto assets category under the influence of Tesla CEO Elon Musk.
Experts believe that the Dogecoin project team needs to introduce new development works in the Dogecoin ecosystem so that people can easily use Dogecoin for new use cases, otherwise, the Dogecoin adoption will plunge badly.
Just a couple of months ago, a few people claimed that the Dogecoin network use case will surge with the new concept “Dogecoin ordinals (DRC-20)” and people will be able to mint NFTs on the Dogecoin network easily. But the whole concept faded after a few weeks, as now one top Dogecoin supporter showed support for the DRC-20 concept.
Dogecoin supporters believe that Elon Musk will introduce Dogecoin in the giant social media platform Twitter, to use as a payment method.
To date, people can buy some of the Tesla merch with direct Dogecoin payment.