Dogefather Elon Musk can focus on enhancing the status of Dogecoin despite Terra’s fall
Terra! The most popular stablecoin in the highly volatile and fluctuating cryptocurrency market has started trembling. The cryptocurrency price has reached US$0.00004548 due to the de-pegging of UST. Crypto investors are highly concerned about the collapse of Terra and the trust in all cryptocurrencies and projects. Elon Musk, the most popular crypto influencer for a few cryptocurrencies, has claimed that he will help to revive the price of a memecoin, Dogecoin, amidst the major drop of Terra. Crypto investors are in high tension due to the red flags in the cryptocurrency market. Dogecoin has some hope to increase its price as a memecoin with the help of Elon Musk. The collapse of Terra has surprised us all with the current CoinMarketCap ranking at 228. Thus, let’s explore how Elon Musk can contribute to the rise of Dogecoin despite the major crash of Terra in the nearby future.
Major drop in Terra
The highly volatile cryptocurrency market has received a major shock because Terra was known for being one of the top ten cryptocurrencies for a long time. The major crash of Terra has led to a drop of over approx. 98% in the last seven days. The market capitalization has also dropped to the 37th rank in the cryptocurrency list. The cascading effect on the cryptocurrency price led to problems with algorithmic-based stablecoins. Terra is known as a blockchain protocol using fiat-pegged stablecoins for powering global payment systems. The current situation has shown every crypto investor that even stablecoins can fluctuate and have instability like other cryptocurrencies.
Elon Musk coming to rescue Dogecoin
Dogecoin entered the cryptocurrency market as a memecoin to make fun of the top cryptocurrencies. But it has transformed itself into a popular cryptocurrency with its smart functionalities. Elon Musk, the CEO of Tesla, SpaceX, and the recent owner of Twitter, is one of the top crypto influencers and the Dogecoin promoter in the cryptocurrency market. He is known for the Musk effect to influence the mass with his cryptic tweets.
Dogecoin investors have started depending on Elon Musk to allow it to be traded on the microblogging site, Twitter. Amidst this Terra fall, Elon Musk had tweeted that Dogecoin as a memecoin still has the potential to be a strong cryptocurrency. But, the crashing and shocking news of Terra has dominated his tweet and none has been excited about it. The tweet just increased the Dogecoin price from US$0.1172 to US$0.1270.
Dogecoin is the tenth most popular cryptocurrency in the top ten cryptocurrencies in the highly volatile market. The current price of the memecoin is US$0.09357 with a market capitalization of US$12.29 billion and a volume of US$2.53 billion. Elon Musk is known for offering capital for the developers of Dogecoin blockchain protocols and software development.
Elon Musk has already announced that Tesla is accepting Doge crypto and banned to accept Bitcoin and other cryptocurrencies. This has increased the cryptocurrency price before the Terra mishap. He is the Dogefather in the cryptocurrency market. In January 2022, he announced that he will consume the Happy Meal of McDonald’s only if the fast-food chain started accepting the memecoin for the payment transaction. Elon Musk has also hinted that SpaceX can also start accepting Dogecoin as a suitable payment mode through crypto wallets.
Conclusion
Since the cryptocurrency market is highly volatile and fluctuating, it is unpredictable for crypto investors to have a deep understanding of whether one cryptocurrency will be constant with its price. Terra is known as one of the popular stablecoins pegged to US$1 for a long period of time. But it also showed fluctuation and decreased its price due to de-pegging. Similarly, it is not in hands of Elon Musk to completely control the memecoin, Dogecoin, all the time. Nevertheless, Elon Musk will work hard on helping Dogecoin to revive its price amidst the shocking news of Terra in recent times by overcoming the challenges.
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