Dogecoin declined after Tesla CEO Elon Musk criticized the digital asset in a tweet. DOGE fell 20% following Musk’s comment. In the , Musk said:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
Last week, a different Elon Musk comment caused DOGE to soar 18%. At press time, CoinMarketCap data shows that Dogecoin is down 3.32% to $0.05927.
Recently, the original creator of Dogecoin, Billy Markus, commented on the coin, which he started as a joke. In a on Reddit, Markus talked about the recent DOGE frenzy. He noted that if Dogecoin reaches $1 according to predictions, the DOGE market value would surpass that of companies like Boeing, Starbucks, IBM, and American Express. He added:
“The fiat value of Dogecoin is quite literally whatever someone else is willing to pay for it at any point in time… so when I talk about value, I’m not talking about those things, I’m talking about ‘True Value,’ which I’d define as the positive things Dogecoin brings to the world.”
Image Credits: Pixabay