Dogecoin and Bitcoin both get support from Elon Musk in his recent tweets. As usual, these tweets could spark the next big boost for both cryptocurrencies in the market!
Investors in the cryptocurrency market wait in anticipation for the "next big thing" to make big profits. Bitcoin and Dogecoin, in particular, are closely being monitored.
Elon Musk and his tweets are notoriously known for directly affecting the crypto market. On Thursday, Musk dropped two tweets that could improve Bitcoin and Dogecoin's price.
Elon Musk 'Likes' Huge Dogecoin Support
Twitter user Steven Steele is a popular icon who discusses cryptocurrency-related topics in his YouTube channel. He recently proposed for AMC Entertainment to use Dogecoin as a new payment method. His post wrote, "AMC really should accept Dogecoin. It just makes sense. Do you agree?"
FX Empire highlighted that both AMC and Dogecoin "attained meme status in their respective spheres. Now some Dogecoin fans would like to see those two worlds collide."
Since both coins also have a history of suddenly spiking in value, combining these two erratic markets should bring out exciting results, according to internet fans. Twitter user itsALLrisky emphasized that "$AMC accepting $Doge would greatly benefit AMC shareholders and give practicality to #Dogecoin, uniting the meme assets behind a common goal."
Absolutely agree...! @CEOAdam would be wise to jump on this @elonmusk approved opportunity!$AMC accepting $Doge would greatly benefit AMC shareholders and give practicality to #Dogecoin, uniting the meme assets behind a common goal! #DogecoinAMC pic.twitter.com/QsDxQ1r22C— 💸💸💸 (@itsALLrisky) July 29, 2021
While the internet discussed the benefits of this merger, a surprising development occurred. Elon Musk 'liked' the post, which boosted its overall popularity.
Elated to learn that Elon Musk agrees with me that AMC should accept Dogecoin! I hope @CEOAdam gives some serious thought to this fantastic, trail blazing opportunity. I stand with both the #AMC & #DOGE communities. Let’s come together to make this a reality. RT if you agree! pic.twitter.com/mdM15fq19N— Steven Steele (@MrStevenSteele) July 29, 2021
As of time of writing, Coindesk marked Dogecoin at a $0.20 trading value. However, market price does not equate to its growing popularity. Other companies have started to acknowledge this meme coin. The men's consumer brand Axe recently launched a limited edition "Dogecan," which the company distributed for free in selected areas.
Burger King in Brazil also introduced their Dogpper, which seems to resemble their Whopper sandwich. Interested customers can pay in Dogecoin to the restaurant's Dogecoin wallet.
Tá sem Reais? Compra com DOGE! É o Burger King revolucionando as galáxias mais uma vez! Estamos aceitando a crypto mais querida por todos, DOGECOIN como pagamento para o DOGPPER®. 🐶🦴 A compra é fácil, vai lá no site>> https://t.co/7b3TBGdPTO. pic.twitter.com/4wP4Rn30pr— Burger King Brasil (@BurgerKingBR) July 27, 2021
Elon Musk Reveals Massive Tesla Bitcoin Ownership
Another exciting development also happened for Bitcoin. Twitter user Dave Lee made a rough estimate on Tesla's holdings on Bitcoin. In February, reports said that Elon Musk invested $1.5 billion from Tesla's treasury and converted it to Bitcoin. The market value has long since changed, so Dave used an estimated Bitcoin price at $35,040. He computed a total of 42,069 Bitcoins for a $1.47 billion equivalent.
Musk surprisingly replied that "We don't have that many Bitcoin, but it's close."
We don’t have that many Bitcoin, but it’s close— Elon Musk (@elonmusk) July 28, 2021
The purposed for both of Musk's tweet activities remains ambiguous and open to interpretation. However, it's a clear boost occurred for Bitcoin's trading value.
At the time of writing, Coindesk listed Bitcoin at a $39,763 market price. This is a significant spike activity compared to its performance earlier this week. No predictions have been made for how long this momentum would last for Bitcoin.
Thanks to Elon Musk's tweets, Bitcoin and Dogecoin might have increased market activity for these next few days.
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