Table of Contents
Elon Musk is one of the most influential names in the world as well as in the crypto space. The CEO of Tesla and SpaceX is the richest man in the world and has plenty of influence in the crypto industry.
One tweet from the billionaire entrepreneur and a significant rise and drop was noticed for the prices of digital assets such as Bitcoin, Ethereum and especially Dogecoin.
Musk has been in favor of Dogecoin from the beginning, which is one of several reasons why it is the most popular meme coin. The Tesla CEO also called himself the “The Dogefather” and was previously seen to greatly influence the price of digital currency.
However, due to price fluctuations in the market and other situations, Musk’s tweets were no longer as effective as they once were, until today.
As per reports, the price of the major meme coin DOGE surged shortly after Musk stated that he will not be selling his Dogecoin holdings.
If you are also interested in buying meme cryptocurrencies then make sure you choose a suitable platform from the crypto exchanges list.
On the other hand, if you want to start trading crypto you can use PrimeXBT Covesting. It allows beginners to copy the trades of experienced traders. Sign up with this link today.
[primexbt]
Elon Musk’s Take on High Inflation
Elon Musk is the CEO of two of the most popular companies in the world, Tesla and CEO. However, that’s not all, as he has been visibly in favor of the digital assets, especially the meme digital asset Dogecoin (DOGE).
Musk has impressive crypto holdings and owns:
- The flagship crypto asset, Bitcoin
- The most popular altcoin, Ethereum
- The most popular meme coin, Dogecoin
Musk recently tweeted that his companies Tesla and SpaceX are under a lot of pressure due to the increasing inflation. However, he stated he will not be selling his crypto holdings when inflation goes up.
Shortly after Musk’s statement, the price of the meme coin DOGE, went up approximately 9%. However, the price surge was brief and is now trading at $0.1149 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price of Dogecoin over the last 24 hours.
In the Twitter thread, Musk also shared his opinion regarding the kind of assets that are suitable to hold during the current global conditions.
Musk stated:
“As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.”
However, if you are interested in buying digital currencies such as DOGE then make sure you first take a look at the market movement and Dogecoin price and choose a suitable exchange to make the purchase.
What to Know as a Crypto Investor?
Bitcoin and Ethereum are the top two digital assets in the world and have an undeniable utility and significance. However, meme coins such as Dogecoin and Shiba Inu cannot be ignored either. What started as a joke, is now one of the most popular meme coins in the market and has the support of a large audience, including Tesla CEO Elon Musk.
Therefore, if you are new to the crypto space and want to invest in digital assets then there are a few things you need to know first. Since the cryptocurrencies’ future is as unpredictable as the crypto space, make sure you:
- Look for a secure and suitable crypto exchange first
- Choose a digital asset you want to buy
- Monitor its price movement before buying
- Invest as much as you can afford to lose
If you are interested in buying cryptocurrencies such as Bitcoin or Ethereum, then click on SwissBorg or Kraken (U.S. citizens).
[swissborg]
