2 Reasons Elon Musk Can't Save Dogecoin
On Tuesday, Tesla's CEO Elon Musk announced that he would eat a McDonald's Happy Meal on TV if the restaurant chain accepted Dogecoin (CRYPTO: DOGE) as payment. The tweet is the latest of the billionaire's many attempts to influence the price of Dogecoin, and it sent the assets valuation up 8% for a few hours before those gains were promptly erased.
While Elon Musk has historically influenced cryptocurrency markets, his power seems to be waning as investors start prioritizing fundamentals over baseless hype. Let's explore why Elon Musk can't stop Dogecoin's relentless crash.
Cryptocurrency prices are slumping, with the market's total valuation down 45% from its peak of $2.9 trillion reached in early November. But Dogecoin's trouble started much sooner than that. The asset reached its all-time high of $0.74 in May and is now down by a jaw-dropping 81% to $0.14 at writing.
Source Fool.com