The dogecoin rally triggered by Elon Musk appeared to have died down over the previous few months, with the meme coin failing to push to any new highs like most of the market. However, it now looks as if the Tesla CEO is again to backing his favorite meme coin.
In July, the billionaire has said that his cryptocurrency portfolio contains Bitcoin (BTC/USD), Ethereum (ETH/USD) and Dogecoin (DOGE/USD). He has now said that he will be the first Dogecoin Trillionaire, signifying that he is going lengthy.
Dogecoin, Not SpaceX, will make him a Trillionaire
Are you on the lookout for fast-news, hot-tips and market evaluation?
Sign-up for the Invezz publication, as we speak.
A current report by Morgan Stanley has said that Musk has a excessive probability of turning into the world’s first Trillionaire. However, in response to a tweet about this, Musk hinted that dogecoin, and never SpaceX, would lead him in the journey to turning into a Trillionaire.
— Elon Musk (@elonmusk) October 22, 2021
Elon Musk has a internet price of round $249 billion. The current rise in Musk’s wealth has been attributed to main positive factors made by Tesla shares. The shares of the electrical automobile manufacturing firm reached an all-time excessive of $910 on October 22.
Following these positive factors, Musk’s wealth is now bigger than the gross home product (GDP) of New Zealand. If the Tesla rally continues, the billionaire might quickly surpass the GDP of Portugal.
Dogecoin is nonetheless Musk’s Favorite
Earlier this 12 months, Musk was attributed to the main dogecoin rally that pushed the meme coin in the direction of all-time highs of $0.73. However, it appeared as if Musk had deserted the doge military for Shiba Inu, which has been responding to Musk’s tweets.
Over the previous month, any Musk’s tweets relating to meme cash have contributed to main SHIB positive factors. Dogecoin has failed to reply to Musk’s tweets, exhibiting that the CEO’s affect on the largest meme coin is fading out.
However, Musk’s current help in the direction of dogecoin reveals that he is nonetheless backing the meme coin. Yesterday, Musk tweeted that he didn’t maintain any SHIB. He additional clarified that his crypto funding portfolio includes bitcoin, ethereum and dogecoin, an announcement that he has shared severally in the previous.
However, regardless of Musk failing to endorse SHIB, the meme coin is quick catching up to dogecoin, having gained over 450% over the previous month. SHIB just lately hit an all-time excessive of $0.00004432, earlier than Musk’s tweet led to an 8% dip.
67% of retail CFD accounts lose cash