Dogecoin (DOGE) Hits Crucial Milestone Amid Elon Musk’s Ukraine Controversy

Dogecoin DOGE Hits Crucial Milestone Amid Elon Musk's Ukraine Controversy

The price of the leading dog-themed cryptocurrency Dogecoin (DOGE) is still floating slightly above the $0.06 support line, but the meme coin is deomstrating signs of swift rates of adoption. Today, the total number of wallets holding DOGE reached 4.4 million. As a result, Dogecoin’s (DOGE) price is 1.2% in the green for the past 24 hours, even despite the brutal bear market.

Things Heat up for Elon “The Dogefather” Musk

With the DOGE Army rapidly expanding, and Elon Musk consistently showing his loyalty to his favorite dog-themed coin, an uptrend in price is being predicted by CoinMarketCap’s Estimate tool.

However, social media is boiling hot this Tuesday, with various politicians, social influencers, and celebrities reacting to Elon Musk’s curious remarks on the situation of Russia’s invasion into Ukraine.

The world’s wealthiest man suggested a resolution in which the occupied territory of Crimea territory would be gifted to the aggressor to secure peace.

Mr. Musk audaciously started a Twitter poll to gauge how many of his followers agreed with him, which stands at 40.2% of them at the time of publication. Almost 60% of his Twitter audience voted againts Musks’s statement that Ukraine should surrender the occupied territory and remain neutral.

The extravagant suggestion didn’t go unnoticed or untouched.

President of Lithuania Gitanas Nausėda provided Elon Musk with an allegory: “When someone tries to steal the wheels of your Tesla, it doesn’t make them the legal owner of the car, or of the wheels”.

Ukrainian President Volodymyr Zelensky himself replied, coming up with the idea of asking the public which version of Elon Musk they prefer, “One who suports Ukraine”, or “One who supports Russia”. With the vote ongoing, results indicate that 4 out of 5 voters do no approve Russia-defending Musk.

The DOGE & Ukrainian Army Joined Forces in March

The heated debate on Twitter dramatically increased Dogecoin’s (DOGE) social mentions. Many enthusiasts have been busy making memes, concluding Musk’s statements regarding Ukraine to be as serious as DOGE. However, one undeniable fact is that the Tesla CEO has previously donated the aid of $80M Starlink to support Ukraine’s defensive efforts.

Furthermore, Vice Prime Minister of Ukraine Mykhailo Fedorov announced a Dogecoin (DOGE) donation account for supporting the Ukrainian Armed Forces back on 2nd March 2022, remarking that Dogecoin (DOGE) has exceeded the value of the Russian ruble.

Interestingly, The Ukrainian Vice Prime Minister uses a DOGE meme as a profile pic, and has previously disclosed the overall benefits that cryptocurrency donations brought to the cause of defending Ukraine. Ultimately, Mr. Fedorov hailed crypto transfers as being “quicker than banks”, and even admitted that blockchain technology has saved the lives of many Ukrainian soldiers.

On the Flipside

Why You Should Care

It’s no secret that the pace of Dogecoin’s (DOGE) adoption has often been heavily tied to Elon Musk’s support for the canine meme currency. Therefore, the reputation of the Tesla CEO on social media and often directly impacts the fortunes of Dogecoin’s (DOGE) market price. As a result, many in the Doge Army are watching Musk’s latest drama unfold with apprehension.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.