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Crypto Price Crash: As Bitcoin And Ethereum Collapse, Elon Musk Brands Radical Dogecoin Plan A ‘Great Idea’

Bitcoin, ethereum and most major cryptocurrencies have fallen sharply over the last week as the crypto market roller coaster rolls on

The bitcoin price has fallen almost 10% since last weekend despite rallying earlier this week amid a slew of positive bitcoin and crypto headlines emanating from the annual Consensus conference. Ethereum, the second-largest cryptocurrency after bitcoin, has lost 50% of its value in two weeks after surging to an all-time high in mid-May.

Elon Musk has continued his potentially ironic support of the “joke” bitcoin rival dogecoin.

Musk took to his preferred platform, Twitter, to explain why he’s backing dogecoin, telling another Twitter user dogecoin “has dogs and memes”—helping the dogecoin price rebound from a steep sell-off over the weekend.

“Curious what are your thoughts on ethereum 2.0, cardano, solana, polkadot, IOTA and others that are trying to scale with low fees,” asked Dave Lee, a YouTuber and Tesla investor. “What makes you choose doge over them?”

“[Dogecoin] has dogs and memes, whereas the others do not,” Musk replied. The cryptocurrency market has been flooded by digital tokens looking to improve on bitcoin over the last few years, with rivals to ethereum, the second-largest cryptocurrency after bitcoin, being challenged by a slew of alternatives that promise lower fees, faster transaction times and improved efficiency.

Dogecoin, despite attracting criticism for its lack of development and high token concentration among a small group of accounts, has soared a staggering 12,000% on this time last year as people bet the price will continue to climb and social media influencers and billionaires cheer on the Shiba Inu dog-based memecoin—fuelling speculation the dogecoin price could climb as high as $1 per dogecoin token

Musk, who enthusiastically embraced the honorary title of dogecoin CEO following a 2019 Twitter poll, has repeatedly named the meme-based cryptocurrency as his preferred digital token over recent years.

Source. Forbes Crypto