Tesla CEO Elon Musk is singlehandedly responsible for attracting millions of new investors into the cryptocurrency market as the billionaire entrepreneur made crypto seem like a 'cool kid' in the financial sector previously filled with men in 'suits and ties'.
Musk tweeted in February, 2021 that he invested in Dogecoin on the behalf of his son X Ã A-Xii and also promised that he would never sell his holdings for many years to come.
Dogecoin, which was available for less than a cent on January 1, 2021 began its upward movement due to Musk's tweets and statements and in no time, the meme-currency reached to $0.70 in May before it began to slip.
The phenomenal rise and celebrity endorsement made Dogecoin a superstar overnight and lured first-time investors to the crypto market in droves hoping to be rich.
A latest data collected by Crypto.com shows the number of investors worldwide reached 221 million in June 2021. In February, 2021 before Musk's involvement in Doge, investors in crypto stood at around 143 million.
It took just four months from February to June to add 78 million first-time investors to the market as compared to adding 65 million investors since Bitcoin's inception in 2009 up until January 2021.
Data also shows the influx of new investors pumped major part of their money in Dogecoin and Shiba Inu along with SafeMoon which comes at a distance.
The new investors, mostly millennials, also created a strong community base for Dogecoin, Shiba Inu and SafeMoon and are also encouraging other new investors to join the bandwagon and pump in their money.
Millennials find alt coins to be much more lucrative than Bitcoin and Ethereum as they believe the top two coins are either too expensive to buy or have simply missed taking the bus since its inception days.
The popularity of alt coins is only growing by the day and it is expected to keep adding new first-time investors throughout the year, keeping its supply chain active.
Dogecoin at the time of publishing was trading at $0.20 and was up +0.81%, while its rival the 'Doge killer' Shiba Inu was trading at $0.00000632 and was up +2.1%. SafeMoon stood at $0.0000027 and was down -3.88% in the days trade.