In 2023, will Elon Musk’s support be good for Dogecoin and will this meme take the coin to the Moon?
Dogecoin and its supporting organizations
According to its official site, an unofficial motto of Dogecoin (DOGE) is “Do Only Good Every Day”. Also on the site, “The Dogecoin community cares about supporting each other, being kind, teaching people about cryptocurrency, fundraising, having fun, making memes and also bullshit.” it was added. Dogecoin entered the world in December 2013. From then on, the coin struggled to reach at least $1. During the monthly meeting, the board of members discusses Dogecoin-related issues.
The advisory board includes Dogecoin Founder Billy Markus, project core developer Max Keller, Ethereum founder Vitalik Buterin, and Tesla tycoon Elon Musk, represented by Jared Birchall, Head of Musk’s Family Office. The use case of Dogecoin is primarily seen as a tipping system on social media sites Reddit and Twitter to reward the creation or sharing of quality content. There are also some companies that currently accept Dogecoin payments, such as Tesla, AMC Theatres, GameStop, arBaltic, Dallas Mavericks, EasyDNS, Newegg, and Twitch.
Dogecoin and Elon Musk
Dogecoin’s performance from 2013 to mid-2021 can be said to be “poor”. Because there was no big movement at that time. But when Mr. Musk started tweeting about Dogecoin in 2019, it started a violent DOGE rally. After the price surge, the meme coin registered the ATH level on May 8, 2021 at a price of $0.7376.
Merry Christmas & Good Cheer to All! pic.twitter.com/SupTpz4bLY
— Elon Musk (@elonmusk) December 25, 2022
His latest tweet, wishing everyone a Merry Christmas, was accompanied by pictures of three dogs. However, after Musk’s tweet, there was no price movement in DOGE.
DOGE price analysis
Dogecoin, the first meme coin, will perform in the price range of $0.13 to $0.16 in 2023, according to analysts. This nine-year-old meme coin struggles to reach the $1 level throughout its journey in the crypto world. It still seems to need more time to reach the price close to $1.
However, DOGE, which has increased by about 3% in the last 24 hours, is trading at $0.07.
Elon Musk’s $200 billion loss
Elon Musk was the first to lose $200 billion, while Tesla lost $783 million from Bitcoin (BTC) volatility, corresponding to 0.39% of Musk’s loss. Musk’s personal wealth was $340 billion on November 4, 2021. This made him the richest man in the world. But in December 2022, Musk’s fortune dropped to $137 billion. cryptocoin.comAs we mentioned earlier, Musk was replaced by Bernhard Arnault from LVMH.
Musk’s electric car company Tesla lost 65% of its value in 2022, while Musk sold a significant portion of its assets to buy Twitter for $40 billion. Tesla bought 43,200 BTC for $1.5 billion in February 2022. This amount equates to $716,368,320 with the current BTC price hovering around $16,597 at the time of writing. Tesla’s total loss from BTC investment is $873,631,680. This equates to 0.39% of Musk’s $200 billion loss.
