Elon Musk addressed cryptocurrency’s challenges earlier today with a photo taken in recent weeks. Musk posted a picture on Twitter with the phrase “1 hour here is seven years on earth,” giving users hope that the coin will rise in value. The tweet has received over 245,000 likes with more than 11,000 retweets.
Musk used an interstellar-inspired meme from the 2014 sci-fi film Interstellar to demonstrate the volatility of cryptocurrency. The meme highlighted Bitcoin, dogecoin, and other cryptocurrencies as volatile assets.
Time Dilation Concept
The time dilation concept depicted in the Sci-fi movie showed that extreme gravity is the time difference. The time dilation concept has also gained traction in the crypto market due to the extreme volatility of cryptocurrencies. Dogecoin profited 19,090% within the space of three months last year but is currently down by 77.56% from its all-time high.
The volatile nature of cryptocurrencies also causes sentiment, with people becoming pessimistic or optimistic in response to a single massive move in one direction or the other. Dogecoin skyrocketed a few days ago because of Musk’s tweets, and the acceptance of Dogecoin’s payment helped rekindle investors’ interest in the coin.
Billy Markus, the DOGE co-creator, replied to Elon Musk’s tweet with a picture of Matt Damon showing how he has aged since he entered the crypto space. Previously, users had mocked a commercial featuring Matt Damon that compared the investing risk of cryptocurrency to space exploration on social media. On the other hand, it only cost Elon Musk’s tweet to lead to a rise.
Musk has continued to be an enthusiast of Dogecoin and other cryptocurrencies, and his headlines have a significant impact on Doge’s value. The price of Dogecoin shot up last week after Musk’s electric vehicle company revealed that it would be receiving Dogecoin payment for retail transactions on its online shop.
Although cryptocurrency is still an evolving industry, it quickly gains acceptance among average investors. Speculative bets that result in a significant inflow or outflow of cash fuel the market, resulting in severe volatility.
Markus has already expressed his concern about the risks associated with cryptocurrency investments. In June of last year, he warned that borrowing money to buy hazardous speculative commodities like bitcoin was “just ridiculous.”
Dogecoin Price Movement
At the time of writing, Dogecoin is trading at a live price of $0.1655 and has increased by 1.28% in the last 24 hours after the billionaire CEO Elon Musk tweeted the Interstellar-inspired meme. The current CoinMarketCap ranking is #11, with a live market cap of $21,947,933,649 USD.
