In a move reminiscent of his previous actions with Dogecoin, billionaire entrepreneur Elon Musk has once again caused a stir in the cryptocurrency market. Back in April 2021, Musk referred to himself as the “Dogefather” ahead of his appearance on Saturday Night Live. This simple tweet sent the price of Dogecoin soaring, and following Musk’s SNL debut, the meme-inspired cryptocurrency reached an all-time high of $0.7376 on May 8th.
However, the current state of Dogecoin is a far cry from its peak. As of now, Dogecoin is trading at $0.07828, nearly 90% below its record high in 2021. It is worth noting that just a month before the Dogecoin surge, on April 14th, the price of Bitcoin skyrocketed to a historic high of $64,800, once again thanks to Elon Musk’s influence.
Musk had previously shocked the cryptocurrency community in February of the same year when he announced that Tesla had invested $1.5 billion in Bitcoin and added it to the company’s balance sheet. In addition, Tesla started accepting Bitcoin as payment for its electric vehicles. However, a few months later, Musk reversed this decision, citing concerns over the environmental impact of Bitcoin mining.
Musk stated that Tesla would resume accepting Bitcoin payments once at least 50% of the energy used for Bitcoin mining came from renewable sources. While this milestone was eventually reached, Tesla never reintroduced Bitcoin as a payment option.
Today, Bitcoin experienced a surge of over 9%, breaking the $47,000 level. This recent development adds to the ongoing volatility and speculation surrounding cryptocurrencies, further highlighting the influence that figures like Elon Musk can have on the market.
It is important to note that this article was originally published on U.Today and has been rewritten to ensure accuracy and uniqueness, adhering to the highest journalistic standards.