Dogecoin investors may be rubbing oil on Elon Musk’s bread

Entering our lives as an internet joke, Dogecoin (DOGE) has achieved an unprecedented performance by gaining more than 10 thousand percent value since the beginning of the year. One of the biggest factors behind this rise of crypto money is Tesla CEO Elon Musk, who is the second richest person in the world.

Musk, who frequently posts about DOGE in his social media posts, is known for the effects of crypto money on the price movement. This is why some names in the industry are skeptical about Dogecoin.

Perianne Boring, founder and president of Chamber of Digital Commerce, a digital asset and blockchain focused trade association, Spoke to CNBC show Squawk Box on May 10. Boring commented on the performance of Dogecoin, whose market value exceeded $ 60 billion:

“I don’t understand how this joke doesn’t end. People need to understand: Elon Musk has Dogecoin in his hand, and those who buy this crypto are putting oil on Musk’s bread.”

Dogecoin has been on the rise after Elon Musk, nicknamed “Dogefather (Doge’s Father)”, announced that he will be a guest on the TV show Saturday Night Live and will also feature Dogecoin in the program. DOGE, which rose to $ 0.69, rose to fourth place, surpassing names such as Tether and XRP in the list of the largest cryptocurrencies in terms of market value.

DOGE crashed 30 percent and fell to $ 0.43 after Musk referred to crypto as a “fraud” in the episode of the program that aired on May 8. Some market commentators had previously warned that the program in question would put an end to the Dogecoin rally.

Boring is not alone in its views on Dogecoin. According to Cointelegraph’s report dated May 5th, Spencer Bogart, one of the executives of Blockchain Capital, stated that “There are no real users and developers on the Dogecoin blockchain”, saying that he is skeptical of cryptocurrency. Bogart thinks Tesla’s CEO’s interest in Dogecoin is only because he likes jokes.

On the other hand, Elon Musk seems to be preparing to carry Dogecoin to its ventures in the business world. While it was announced that one of the rockets that the other company SpaceX will send to the moon will be a burden funded by DOGE, in the latest Twitter post of the CEO, “Do you want Tesla to accept Dogecoin as a payment method?” A questionnaire was held.

DOGE, which has lost 2.6 percent in the last 24 hours, is trading at $ 0.49 as of the time of the news release.

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