Dogecoin Rockets To New Heights Due To Musk's Influence, While Big Eyes Coin Achieves Funding Target

Elon Musk’s impact on the cryptocurrency market was once again apparent, as the value of Dogecoin (DOGE) experienced a substantial increase of up to 30%. The sudden price hike followed Musk’s alteration of his Twitter profile picture to the Shiba Inu dog, which serves as DOGE’s official mascot.

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At the same time, Big Eyes Coin (BIG), another meme-inspired cryptocurrency, has reached another notable achievement by raising more than $33 million during its current presale stage, indicating the increasing acceptance of these types of coins in the market.

Elon Musk’s Support Transforms Dogecoin From Parody To Success

In 2013, Dogecoin (DOGE) was created as a satirical payment system by software engineers Billy Markus and Jackson Palmer, featuring a Shiba Inu dog as its mascot. Despite its humorous origins, some investors recognized its potential as a legitimate investment opportunity and as a pioneer in meme coins. As it grew in popularity, Dogecoin became a prodigy in the virtual world, surpassing many other altcoins to become the 7th largest cryptocurrency with a market capitalization of $13 billion.

Elon Musk, the CEO of Tesla and SpaceX, has played a significant role in promoting Dogecoin’s popularity through his social media endorsements. His first tweet on the topic in 2020, which simply read “One word: Doge”, caused the price of DOGE to increase by 20%. Since then, Musk has continued to praise Dogecoin as the “people’s crypto”, resulting in further price increases. His influence on the coin’s value has become so significant that it is now referred to as the “Musk Effect” by news outlets.

Musk’s endorsement on Saturday Night Live in May 2021 led to Dogecoin reaching its all-time high value, although this was not the first time that Musk had influenced its price. In April 2021, he posted a picture with the caption “Doge barking at the moon”, which caused the price to surge by 100%. Additionally, when Musk announced that Tesla would accept cryptocurrency as payment, this further boosted DOGE’s value. Despite Musk’s support, some crypto enthusiasts accused him of artificially inflating the price of DOGE, and an American named Keith Johnson filed a complaint against him, seeking $258 billion in damages.

Musk’s Twitter Doge Logo Leads To a 30% Price Surge

Despite the legal proceedings filed against him for allegedly manipulating the Dogecoin market, Elon Musk appears to be undaunted as he continues to wield his influence in the cryptocurrency sphere.

A recent example of his power occurred when Musk, who acquired Twitter in February 2023, tweeted a photo of his Shiba Inu dog, Floki, posing as the CEO of Twitter. This tweet had a noticeable impact on not just Dogecoin, but other meme-based coins as well. In a more recent incident, Musk changed Twitter’s iconic blue bird logo to a Doge meme. Though only the desktop version of the platform was affected, the price of Dogecoin still surged by 30%. This serves as a clear indication that Musk’s sway over the crypto market remains steadfast, despite facing a legal challenge.

What Prompted The Change Of The Twitter Logo To A DOGE Meme?

Elon Musk has recently requested the US court to dismiss the $258 billion lawsuit filed against him, accusing him of inflating the price of Dogecoin. The lawsuit claims that Musk is involved in a pyramid scheme to support cryptocurrency. However, Musk’s lawyers have rejected the allegations, dismissing them as a work of fiction based on his often humorous tweets.

There is speculation that Musk changed the Twitter logo to shift the focus away from the lawsuit. Alternatively, it could be an attempt to show the court that his actions related to Dogecoin are not to be taken seriously. Regardless of the motive behind the change, it is evident that Musk’s impact on the crypto market remains potent.

New Presale Benchmark Achieved By Big Eyes Coin

Following the trend of dog-themed meme coins, a new cat-themed meme coin called Big Eyes Coin (BIG) has entered the market and has been registering significant growth during its presale stage. Big Eyes Coin’s presale was rolled out in late 2022 and has successfully completed 11 stages so far, with the 12th stage raising an impressive $33 million.

Big Eyes Coin is a project with a mission to change the traditional finance system by bringing wealth into the DeFi system, while also prioritizing the conservation of oceans. The project team has been issuing its native currency BIG in the presale at a reasonable price, with loot boxes ranging from $9.99 to $9,999. Investors who purchase these loot boxes have the chance to win BIG tokens worth up to $1 million, as well as loot cards that can be minted as NFTs and custom-made cards.

Recently, the project team released its NFTs on OpenSea, the largest Web3 marketplace for NFTs and digital collectibles, as mentioned in the roadmap. Furthermore, Big Eyes Coin has committed to spending 5% of its total token supply for charity purposes to support ocean conservation.

With the current market trend, Big Eyes Coin’s launch has gained a lot of attention from investors. It offers not only investment opportunities but also a sense of community and environmental responsibility.

Find out more about Big Eyes Coin (BIG):

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.