Dogecoin (DOGE) is once again pumping. Is this a sign of a bullish market or an isolated example owing to the unique factors that have shaped Dogecoin?
The spectre of Elon Musk and his Twitter has been looming over the meme coin for a while now, like a giant invisible hand moving the price of Dogecoin with every tweet. What is the relationship between Dogecoin and Elon Musk’s Twitter? Is this a sustainable way to chart growth for one of the biggest cryptos in the world? And finally, what does this all mean for Big Eyes Coin (BIG)?
What Is The Relationship Between Dogecoin And Elon Musk’s Twitter?
Dogecoin’s growth is a story full of surprises for the cryptocurrency industry. It began as a joke and seemed as though it would stay that way. But over time, Dogecoin swiftly turned into a lucrative crypto project and a profiting investment asset. Its ability to connect with audiences through contemporary internet meme culture was pivotal in helping it build a strong community. Over time, DOGE increased in value and today sits among the most coveted crypto assets in the world.
Dogecoin has received endorsements from an ever-expanding list of high-profile figures, but perhaps the most notable advocate of DOGE is the maverick businessman Elon Musk.
A snapshot of the relationship between Dogecoin and Elon Musk’s Twitter page is that the price of DOGE shoots up whenever Musk makes even the most cryptic of references to the world of digital currency. Dogecoin’s value has often risen exponentially, and this relationship has only intensified after Musk’s Twitter purchase.
Why Is DOGE Now Pumping, And Is It A Good Thing?
Elon Musk offered to give one million Dogecoin to anyone that proved the internet theory that linked his family to an emerald mine. It wasn’t the first time that Musk mentioned Dogecoin.
Quite recently, a not-so-mysterious thing happened. The bluebird Twitter logo disappeared on loading screens only to be replaced by the Shiba Inu avatar of Dogecoin. There was no explanation, but it did seem fairly apparent what had happened. In the past 30 days, Dogecoin’s price has shot up by more than 20%, tied almost certainly to Musk’s stunt. It’s currently trading for $0.0932 with a market cap of over $12.9bn.
The question now is whether this is a good thing. The tempting conclusion is that it almost certainly is, as Dogecoin has benefited from strong price upswings and, Musk can bring it to the awareness of the wider public audiences who may have a beginner’s understanding of the crypto markets.
But there are other factors here to consider. Is it healthy for a cryptocurrency to depend so strongly on the tweets of one man? Recently, Musk tweeted about his interest in cryptocurrency being replaced by artificial intelligence. The impact was almost inevitable as it was immediate: Dogecoin’s price crashed.
What Does This Mean For An Upcoming Meme Coin Like Big Eyes Coin?
The future of Dogecoin will always be of some interest to other meme coins. It blazed a trail for other coins, and it’s plausible, therefore, that a crypto asset like Big Eyes Coin (BIG), would be affected by the circumstance of Dogecoin. If investors lose confidence in Dogecoin, will they still keep faith in smaller meme coins?
Big Eyes Coin is one of the meme tokens that is generating a lot of excitement and interest. The feline token surpassed $34m in sales and has produced numbers in its presale that could rival that of some of the more established coins. The project has incentivized its community with generous offers such as the END300 bonus code.
In addition, Big Eyes Coin has pledged to donate 5% of its earnings to charities dedicated to environmental causes.
So, if Big Eyes Coin is determined to become a successful crypto on the market, does it require Dogecoin? Essentially, yes. Big Eyes Coin has aspirations to eclipse Dogecoin, but it would do more for itself, in the grand scheme of things, if this is achieved simply through its own project’s allure rather than diminishing faith in Dogecoin.
For more information on Big Eyes Coin, please see below:
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin
