Can Elon Musk's Latest Tweet Help Boost Dogecoin?
With one tweet, Elon Musk has once again reignited conversations around Dogecoin . Notorious for building momentum earlier this year towards a meme coin worth less than a dollar, Musk provided as much entertainment for onlookers as those who were investing in Dogecoin. On July 1, he tweeted, Release the Doge! Crypto investors were quick to gobble it up. In 15 hours, the tweet has garnered nearly 15,000 retweets and almost 110,000 comments. Probably not, but let's take a look. Dogecoin probably won't be propped up by Musk tweets alone. The value of Dogecoin jumped sharply over 9 percent after Musks tweet. However, investors quickly sold off and the meme coin ended the day about where it started. Article continues below advertisement  Source: Unsplash  Musks tweet undoubtedly had an impact on Dogecoin, but that enthusiasm was already present in Dogecoin hodlers. If anything, his tweet might have slightly warmed the feelings of traditional investors to either enter the crypto space or hold their positions. Article continues below advertisement  The long-term problem with Dogecoin is that it doesnt have as many real-world use cases like bigger cryptocurrencies. For example, Ether works on the Ethereuem blockchain and is used to facilitate smart contracts. These smart contracts perform any digital command similar to how PayPal connects payers and payees and Uber connects drivers and passengers. Dogecoin has long been driven solely by hype, memes, and tweetshardly a solid strategy to base substantial investments on.