Still Has ‘Potential as a Currency’ – Elon Musk Delivers Stunning Dogecoin Signals After Huge Bitcoin, Ethereum, and Crypto Price Crash


bitcoin

BTC
Ethereum and other major cryptocurrencies have rebounded in the past 24 days after the massive cryptocurrency crash that wiped out nearly $1 trillion in the combined crypto market.

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After falling to a low it hadn’t seen in more than a year, Bitcoin added about 10% to rise again above $30,000. Meanwhile, Ethereum and its biggest rival added between 15% and 25% respectively.

Now Tesla

TSLA
Billionaire and longtime Dogecoin proponent Elon Musk has once again expressed his support for a meme-based Bitcoin competitor, just weeks after mocking legendary investor Warren Buffett for attacking Bitcoin.

Last month, Musk revealed that he would target cryptocurrency scams and bots if he could make Twitter private, and suggested that Twitter Blue’s subscription could be paid for with dogecoin.

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“[Dogeco

DOGE
in] Musk: “It has potential as a currency” posting “The reason I like Dogecoin is because I know Dogecoin is stupid,” he tweeted.

“I enjoy that stupid things can be useful and successful,” Markus added.

Dogecoin price skyrocketed in recent weeks after news that Musk had bid $44 billion to make Twitter private, followed by expectations that Musk could embed Dogecoin on Twitter and use it to pay on the platform.

However, Dogecoin is down nearly 90% after hitting an all-time high of over 70 cents last year amid a rally by Musk and prominent investors.

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Once again, the top 10 cryptocurrency, Dogecoin, was hit by a storm of Federal Reserve rate hikes along with Bitcoin, Ethereum and other cryptocurrencies this week, according to CoinMarketCap data. plummeted, and the Fed began shrinking its $9 trillion balance sheet. Cryptocurrencies plummeted due to the collapse of a major stablecoin.

After TeraUSD (UST), an algorithmic stablecoin worth $18 billion, it spreads like wildfire through cryptocurrency traders and investors

UST
) lost its peg against the US dollar, eliminating the price of its backing coin, luna, which has lost nearly 99% of its present value.

Tether, the largest stablecoin during the carnage, also briefly lost a dollar in value, raising fears that the bitcoin and cryptocurrency crash could get out of control.

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