Elon Musk, tech visionary and CEO of “X”, recently put an end to any speculation of his company launching a digital currency token, stating in a tweet that “we never will”. His remark had an immediate effect on Dogecoin (DOGE) prices, which saw a 2% surge in the hour following his announcement. Presently, the meme-inspired cryptocurrency is trading at $0.0752, with a 2.7% increase in the last 24 hours.
Despite a 10% decrease in trading volume, investors remain optimistic about Dogecoin, with Michael van de Poppe, a renowned crypto analyst, predicting a rally in the coming weeks, pushing the token’s price up towards the $0.1 mark.
Musk’s tweets have long impacted the prices and popularity of cryptocurrencies, and this latest statement serves to reaffirm the trustworthiness of the crypto space, especially when it comes to fraudulent tokens attempting to take advantage of his name.