Think Like Elon Musk: 'Going Out' With The Creator Of Dogecoin Right From 2019, Wait 2 Years To Start Inflate

The development team behind Dogecoin has been collaborating with Elon Musk as early as 2019 – 2 years ago when the value of this cryptocurrency skyrocketed thanks to the Tesla CEO's "inflating" efforts, according to new information posted by Decrypt.

Accordingly, in an exclusive interview with this news site, the Dogecoin development team confirmed that billionaire Elon Musk offered to spend money to fund this crypto project in 2019. However, Elon's offer Musk was rejected. Instead, the 'father' of Dogecoin asked Elon Musk for advice as they plan to improve the coin to make it a more eco-friendly alternative to Bitcoin.

Dogecoin surged as much as 20% earlier the same day after the Tesla boss said he was engaged in work to improve the cryptocurrency's trading efficiency.

"Working with Doge developers to improve the system's trading efficiency. Promise has potential," Musk wrote on Twitter. Dogecoin then went from around $0.43 to $0.52 on crypto exchange Binance shortly after the tweet.

According to CoinMarketCap.com, from being a 'worthless' coin at the end of 2020, Dogecoin has become the fourth largest cryptocurrency by market capitalization, and is up more than a hundredfold this year as the Speculators flocked to this asset class. The price of Dogecoin has skyrocketed under Musk's patronage, from $0.008 in January 2021, to an all-time high of $0.71.

SpaceX also previously said it will launch the "DOGE-1 Mission to the Moon" in the first quarter of 2022 and will accept payments in the Dogecoin cryptocurrency.

Due to the strong price volatility of Dogecoin, a lot of people have become USD millionaires, mainly young individual investors with a reckless investment 'taste', ready to put their money in the coins. high-risk coin. Glauber Contessoto, a 33-year-old investor in Los Angeles (USA) is one such case. This investor became a millionaire after spending 180,000 USD, which was borrowed money, to buy Dogecoin and earned more than 1 million USD. Most recently, Aziz McMahon, a managing director at the London branch of Goldman Sachs, quit after making millions of dollars in profits from Dogecoin.

However, some experts are also constantly warning about the overheating of Dogecoin.

“The rise of Dogecoin is a classic example of the More Fool Theory. “When everyone [buys Dogecoin], the bubble eventually burst and you lose a lot if you don't get out in time. time. And it's almost impossible to predict with certainty when that will happen," David Kimberley, an analyst at investment app Freetrade, told CNBC.

“You can make a quick profit if you time it right, but timing the market wrong is terrible,” said Adam Zadikoff, CEO of BRD - a cryptocurrency wallet with over 7 million users - received determined.