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Elon Musk Fails to Push Dogecoin Above Polkadot with Viral Photo of His Dog

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Tue, 14/09/2021 - 6:54
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Elon Musk Fails to Push Dogecoin Above Polkadot with Viral Photo of His Dog
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Polkadot, the native cryptocurrency of the eponymous nominated proof-of-stake blockchain, recently surpassed meme cryptocurrency Dogecoin by market capitalization.

According to CoinMarketCap data, Polkadot is currently valued at $35 billion, which is almost $4 billion higher than that of the canine coin.

As reported by U.Today, Tesla CEO Elon Musk posting a photo of his Shiba Inu dog resulted in only a short-term price spike for Dogecoin, while one of its offshoots posted triple-digit gains.

The fact that Dogecoin failed to log any sustained gains because of the viral photo is the latest sign that Musk’s influence on the price action of the joke cryptocurrency continues to wane.

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The Bitcoin parody is now on the cusp of slipping below USD Coin (USDC) on CoinMarketCap.

As reported by U.Today, Dogecoin managed to surpass Tether, the leading stablecoin, in mid-April, but its monstrous rally lost steam in early May.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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