Several celebrities, including Elon Musk, have sent out numerous tweets in recent days praising the cryptocurrency dogecoin. Not everyone in the coding world is equally enthusiastic about these messages.
Frodo Di Underdog. Everyone thought it would fail. Most of all, he’s himself, “he reads the latest tweet from Tesla CEO Elon Musk. In his tweet, he comically referred to the dogecoin cryptocurrency.
This is not the first time that Musk has praised the cryptocurrency in his tweets. In the very recent past, cryptocurrency enthusiasts have already sent many positive messages about Dogecoin to the world via Twitter.
Other celebrities also express their love for the cryptomun via Twitter. For example, Snoop Dogg and Kevin Jonas actually followed Musk’s example.
Not everyone is enthusiastic
However, not everyone seems to share the enthusiasm of these celebrities. Nick Carter, a venture capitalist known for his positive attitude towards Bitcoin, finds Mask and other celebrity tweets about Dogecoin disturbing.
“Unfortunately, many private sector speculators will lose their money on Dogecoin in the long term because there is no really interesting technology behind the coin,” Carter said in an interview with CNBC. “Cryptocurrency is basically an empty box.”
Mike Novogratz, CEO of Galaxy Digital, a financial services firm that specializes in cryptocurrency and blockchain, is also concerned about the celebrity tweets. Seems like “Dogecoin reminds me of GameStop.” “It was fun for a while, but now the risk increases for investors to lose a lot of money.” GameStop stock is now valued at $ 51. That’s nearly $ 300 less than the peak at the end of January.
It cannot be compared to other cryptocurrencies
According to Novogratz, we cannot compare Dogecoin to other cryptocurrencies. The CEO said, “Bitcoin has a real purpose, Ethereum has a real purpose, and many stable currencies have a real purpose.” “Doge, on the other hand, is really a joke.”
Dogecoin is valued at $ 0.07 at the time of writing. It doesn’t sound like much, but it’s a double of what the coin was worth earlier this year. Those who bought the coin on Jan.26, a few days before the strong rally, only paid $ 0.008 for it.
Since the end of January, several factors have been driving the prices up. Initially there were Reddit investors clamoring to buy the coin, followed by various tweets from Elon Musk.