It seems that Elon Musk plays a huge role in cryptocurrency prices. A day after Tesla announced it was suspending bitcoin payments amid environmental concerns, Musk is now turning the public’s attention to Dogecoin.
On Thursday, May 13th, Elon Musk wrote on Twitter that he (and possibly Tesla) is working with Dogecoin developers to improve the trading efficiency of the system.
That was enough for the price of DOGE to rise in value at a time when the market is falling, reaching $0.52, with a total market capitalisation of more than $61.6 billion.
Eventually many wonder what Elon really has in the back of his mind. The fact that he moves the way he wants the reins of DOGE is indisputable. Suddenly he raised his concerns about the environment and one wonders: a while ago, when he started accepting from Tesla, didn’t he know about the energy consumption of the bitcoin network?
And suppose now that the light has come to light, why does he continue to hold his bitcoins and not get rid of them? Is it because he will soon start mining bitcoin from his own “energy clean” facilities?
In addition, Musk asked his friends to say whether or not Tesla should start accepting DOGE, with the answers overwhelmingly in favour of this acceptance.