Trades on Dogecoin are looking good at the moment. Elon Musk confessed his love for Dogecoin again, this time in a Twitter thread with Jack Dorsey and Billy Markus.
GameStop also boosted the meme coin by accepting it as a payment method for their merchandise.
In quick summary, Dogecoin is a joke cryptocurrency heavily inspired by the decade-old Doge meme. However, fan hype boosted it to be so much more until the meme coin got recognized as one of the fastest-growing cryptocurrencies in the industry.
Unfortunately, Dogecoin is also infamous for its volatile market. Although it shot as high as $0.71 in May, it also plummeted to dangerous levels earlier this week. This is why investors are keeping an eye out for indicators or updates that can start a new trend.
Dogecoin Price: Elon Musk Tweets About Meme Coin
One major contributor to Dogecoin's popularity is the support of Telsa CEO Elon Musk. For months now, Musk has repeatedly professed his love for the industry through the internet.
According to Market Insider, Musk told Time Magazine that "Dogecoin is better suited for transactions" than Bitcoin. Musk also joked in TMZ that "Fate loves irony. What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency."
More recently, Musk was spotted supporting Doge in a Twitter thread directed to Bitcoin enthusiast Jack Dorsey. Many notable figures like Dogecoin creator Billy Markus and Ethereum trader Farokh.eth joined in the discussion.
When Markus tweeted "I mean my goal is to build stuff and make money and have fun. I'm used to the corporate establishment and don't really see any meaningful break away from it - bitcoin just gives power to new rich people," Musk replied that he shares the same sentiment.
That’s why I’m pro Doge
— Elon Musk (@elonmusk) December 23, 2021
The whole conversation implied that Dogecoin is backed by community popularity, and not by profit-inspired establishments.
GameStop Boosts Dogecoin Value
A second boost for Dogecoin happened thanks to GameStop's initiative. The game retailer started to show some interest in the cryptocurrency space, and eventually partnered up with the payment network Flexa.
Flexa tweeted the announcement on December 16 with a message to "enter the metaverse."
Enter. the. metaverse.@GameStop is now live on Flexa. 🎮
— Flexa (@FlexaHQ) December 16, 2021
To celebrate, we’ve also enabled support for @AxieInfinity $AXS, $SLP, @decentraland $MANA, and @TheSandboxGame $SAND. #25DaysofFlexa🎁 pic.twitter.com/Or8BtkT9Sa
Flexa explained that their systems now support four metaverse assets. Notably, any of these assets can be converted to real money and vice versa in the network.
Kotaku gave an example to the new market, saying that players in GameStop can now pre-order games like "Pokemon Legends: Arceus" using Smooth Love Potions. This should open up potential trades for both the physical and the digital market.
At the time of writing, Dogecoin traded at $0.18 with a 5.53 percent increase in the last 24 hours, per CoinDesk. Be warned that it is hard to determine how long this bullish trend can last.
