By Mark Ackman
As the year 2021 began, it saw the cryptocurrency industry grow tremendously in volume and valuation. The industry also witnessed that new and promising cryptocurrencies were introduced into the system.
At the beginning of 2021, the overall number of crypto in the crypto-verse was less than 5,000. As of now, the number of individual cryptocurrencies has increased to almost 22,000.
Still, only a handful of crypto is able to bring themselves to the top of the list. It is either crypto such as Bitcoin that builds its own reputation or crypto like Ether that garners its success through developers.
Dogecoin had a Different Supporter
However, the classification was expanded to another category of cryptocurrencies that simply gained success due to one highly influential personality.
The particular crypto or to be specific, the meme coin that gained success due to the words of a single person is Dogecoin (DOGE).
DOGE was founded more than half a decade back but it gained recognition and value in the year 2021. It was all thanks to Elon Musk, whose words on Twitter drove masses of investors to the meme coin’s side.
Before the major cryptocurrencies could realize what was going on, Dogecoin became one of the largest cryptocurrencies by valuation. At one point in 2021, it was thought that DOGE would defeat BTC.
However, Elon Musk’s magic vanished as the year 2021 came to its conclusion. His words were no longer charming enough for the investors to rally in favor of DOGE.
Surprisingly, as the year 2022 has come to an end, Elon Musk’s magic has regained its power in favor of DOGE. Once again, his words are doing wonders for DOGE as it is gaining momentum in their value.
The losses DOGE had witnessed throughout the year 2022 have started to get washed off.
Elon Musk Expands Support to Bitcoin
However, now it seems that Elon Musk has found another crypto that he wants to support, which is none other than Bitcoin.
Due to the recent FTX crash, the trading price of BTC had fallen all the way down to $15.5k. However, Elon Musk came to Bitcoin’s support making a statement that it needed badly to boost investors’ confidence.
In a recent Tweet, Elon Musk stated that Bitcoin has faced many ups and downs throughout its course. However, Bitcoin has always prevailed against difficult situations and it will make it this time as well.
He also made a comment in favor of Dogecoin that read “Dogecoin to the Moon” and the rest was left for the investors to interpret.
Right after the tweets, the trading prices of both BTC and DOGE experienced significant gains, and even at the moment, their prices are moving higher.
With DOGE and BTC now being supported by Musk, it is a matter of time before both cryptocurrencies would witness strong rallies.