In one of the more unusual aspects of current cryptocurrency news, the famous entrepreneur Elon Musk has further put his support behind Dogecoin, the cryptocurrency modeled on a meme of a dog (famously dressed in a spacesuit with the catchphrase “to the moon,” a possible play on the old adage of shooting for the moon and hitting the stars.).
The Power of Elon Musk
Elon Musk encouraged further interest in Dogecoin by approving a developer’s proposal that transaction costs be reduced. The proposal is that by allowing token miners to make decisions as opposed to the relay network, the transaction fees could potentially be brought down by at least 50 times their current rate.
Appropriately for a currency based around social media, it was also further boosted by the #Dogefather, encouraging the topic to trend and giving more exposure to the cryptocurrency.
The Reality
Of course, a higher profile does not necessarily reflect what will happen in trading and in current cryptocurrency news. Reports have been mixed, though in terms of the price (at the time of writing) Dogecoin is at $0.23 with indications that this could even go as high as $0.36, though if it does reach any higher than there is the possibility of resistance.
The case of Dogecoin is fascinating. It will be interesting to see how Elon Musk will use his influence on this current cryptocurrency news and just how far the power of social media can go in terms of affecting investments. Whether or not this meme-based cryptocurrency really does “go to the moon” remains to be seen.
