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Bitcoin has added around 10% since falling to lows not see for more than a year, climbing back over $30,000. Meanwhile, ethereum and its biggest rivals have each added between 15% and 25%.
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Tesla billionaire Elon Musk has helped the price of the meme-based bitcoin rival dogecoin soar since … [+]
“[Dogecoin] has potential as a currency,” Musk posted to Twitter, replying to dogecoin co-creator Billy Markus who had written, “the reason I like dogecoin is because it knows it is stupid.”
“I enjoy that something stupid could also have utility and be successful,” Markus added.
The dogecoin price has rallied over recent weeks following news of Musk’s $44 billion bid to take Twitter private, soaring on expectations Musk could move to embed dogecoin into Twitter, potentially using it for payments on the platform.
However, dogecoin has fallen almost 90% since it reached an all time high of over 70 cents amid a Musk and high-profile investor fueled rally last year.
Last month, Musk said he’d target crypto scams and bots if he does manage to take Twitter private and also suggested Twitter Blue’s subscription fee could be payable in dogecoin.
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The dogecoin price has bounced 20% over the last 24 hours following a massive crypto crash that … [+]
Dogecoin, now once again a top ten cryptocurrency, according to CoinMarketCap data, had crashed this week along with bitcoin, ethereum and other cryptocurrencies as a perfect storm of Federal Reserve interest rate hikes, the Fed beginning to shrink its yawning $9 trillion balance sheet and a major stablecoin meltdown sent cryptocurrencies in a tailspin.
Panic spread like wildfire through crypto traders and investors after the $18 billion algorithmic stablecoin terraUSD (UST
Amid the carnage, the largest stablecoin tether also appeard to briefly lose its $1 value, sparking fears the bitcoin and crypto crash could spiral out of control.
Still Has ‘Potential As A Currency’—Elon Musk Gives Surprise Dogecoin Signal After Huge Bitcoin, Ethereum And Crypto Price Crash – Forbes