The way the Dogecoin cryptocurrency coin operates its business has baffled financial experts. The experts are yet to cope up with the fact that a meme coin that started in 2013 by two software engineers has turned out to be a strong financial institution supported by Tesla CEO Elon Musk with a market cap of a whopping $33 billion.
The new addition to the Dogecoin meme segment comes from YouTube and cryptocurrency influencer Matt Wallace, who just took to Twitter with a fake hashtag '#ElonMuskJustAnnounced' suggesting as a joke that the Space X founder has announced Doge is the currency of planet Uranus.
''#ElonMuskJustAnnounced Dogecoin is the currency of Uranus,'' he tweeted as a joke and the hashtag immediately picked up steam with several other investors teaming up the hashtag with unrealistic statements in a way portraying both Musk and Doge to be larger than life.
However, not everyone was impressed with the hashtag as several others poked fun at Wallace and Musk for trying to fool people by dishing fake promises of Dogecoin going to the moon and beyond. They shared memes under the hashtag warning investors that their money might soon go bust if they don't realize they're being fooled.
Elon Musk No Longer Moves The Crypto Market?
When Space X founder Elon Musk tweeted his support to Dogecoin after saying he invested billions in it, the price of the coin doubled in value and after he tweeted about it in April, 2021, the price of Dogecoin tripled in just 24 hours.
Musk's mere tweet about Doge sent prices soaring to new heights and post his appearance on Saturday Night Live (SNL) where he described Doge as a ''hustle'' the price went on a nose dive and fell nearly 50% and was caught in the crossfire of the Bitcoin crash the same month, dragging it to new lows.
Despite Musk's multiple tweets about Doge since a month, the price seems to be falling rather than rising and experts believe Musk is no longer in a position to control the market and his magic has fizzled out.
At the time of publishing, Dogecoin was trading at 0.21 and up +0.11% in the days trade. It had touched its highest $0.70 on the day he appeared on SNL on May 8, 2021 and has been plummeting since then.