Elon Musk Sends Dogecoin Price Soaring With 'Squid Game' Meme; Shows Massive Support to Doge Again!

Elon Musk Sends Dogecoin Price Soaring With 'Squid Game' Meme; Shows Massive Support to Doge Again!
Elon Musk responded to an amusing tweet by Dogecoin co-founder Billy Markus showing a meme of the hit Netflix show "Squid Game" that expressed sentiments about the cryptocurrency and the community that supports it. Photo : Crystal Mapes/Unsplash

It seems the "Dogefather" has also been stricken with that "Squid Game" fever. After Doge co-creator Billy Markus posted a meme of the hit Netflix show to hilariously express what he thinks about the cryptocurrency and the community that supports it, Tesla and SpaceX CEO Elon Musk got the reference and responded quickly with a "rolling on the floor laughing" emoji.

The tweet is among the three posts Musk made related to the meme coin that sent Dogecoin soaring by 6.14 percent on Thursday morning, Yahoo! Finance reported. The South African billionaire also approved Markus' appeal for upgrades to DOGE nodes and agreed with a separate Markus tweet saying "if you don't run a dogecoin node, you are satan."

Dogecoin Price Climbs to $0.24, Rises 4,074.77% Since January

As a result of this interesting Twitter exchange, DOGE climbed to $0.24 early Thursday morning. The meme token had since soared 4074.77 percent since January this year. As of this writing, DOGE is trading 67.82 percent under the $0.74 high it reached in May.

On Thursday night, Dogecoin fell 0.32 percent to $0.23 in a 24-hour period, Coindesk posted.

Markus posted a string of tweets that emphasized the importance of upgrading the DOGE nodes to the 1.14.4 version of the software. What's most important, Markus said, is to have miners and mining pools to push the update, Benzinga reported. According to him, miners decide "which transactions are on the blocks," and as such, would scrap low-fee transactions unless the software is updated.

Read Also: Dogecoin Price Prediction: Doge Millionaire Sees Massive Surge That Could Double Meme Coin's Value

Musk had also previously stressed that lowering the DOGE fee is "super important" for the token to be accepted as a medium of exchange at mainstream venues like cinemas.

Dogecoin Adoption Soars 41.3%, More Companies Accepting DOGE

As per CryptWerk data quoted by Benzinga, DOGE adoption rose to 41.3 percent from mid-January. The most recent development in the retail acceptance of Dogecoin is the announcement from Wix.Com Ltd, allowing merchants in its e-commerce platform to accept the meme coin.

Theater chain AMC Entertainment and the NBA ballclub the Dallas Mavericks have previously allowed the use of Dogecoin as a payment option. AMC is accepting online payments in Dogecoin to purchase AMC theater digital gift cards. The Mark Cuban-owned Mavs, on the other hand, have also permitted the use of DOGE to pay for merchandise and tickets since early this year.

Dogecoin had been labeled by DOGE millionaire Glauber Contessoto as "every newcomer's bridge to cryptocurrency," as experts see wider adoption in the years to come. Contessoto likewise forecasts Dogecoin's value to increase two-fold in the next couple of months to "about 50 cents," making him confident in keeping his holdings.

Contessoto, who invested his life savings worth $180,000 in Dogecoin last January when its price was around $0.045, became a millionaire "in 69 days" by April's end, as his holdings ballooned to $2 million.

He said the coin was fulfilling its actual purpose of buying and selling things, being a medium of exchange, unlike Bitcoin and Ethereum, which are mainly used as a store of value.

Related Article: Dogecoin Price Boost: Mark Cuban Buys More Doge!

© 2021 iTech Post All rights reserved. Do not reproduce without permission.

More from iTechPost