Tesla CEO and Dogecoin enthusiast Elon Musk has been a market catalyst for the popular cryptocurrency based on a meme of a Shiba Inu, but he’s far from the only one moving the market.
At least one New York-based family office has devised quant algorithms for trading in and out of Doge, Crypto Investor has learned.
And analysis shows Musk’s most popular tweets about Doge typically occur after the price has already started moving. Before he began a string of Doge tweets in early January, subreddit WallStreetBets generated interest in the coin sending it soaring days before Musk weighed in, potentially propelling it further.
Dogecoin's stratospheric move in the last week has made it a media darling again. An online movement was started to make April 20 #DogeDay in hopes of buoying the price further, but it ultimately fell approximately 25% and sits at just over 30 cents as of this writing.
Still, it hasn't stopped brands from trying to capitalize.
D8 Holdings, a company that creates Delta-8 THC products, announced Tuesday that it will begin accepting Bitcoin, Ethereum and Dogecoin. The company said that it would even give out a free pack of gummies to customers who pay in crypto.
“Our customers are early adopters, many of whom are heavily involved in the crypto market. With $2 trillion dollars sitting in crypto assets, and $45 billion parked in Dogecoin, the ability to accept crypto currency presents a big opportunity for our company.”
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