Elon Musk, the world’s richest person, has also been called DogeFather or Dogecoin CEO. Since 2021, the Tesla CEO has been supporting Dogecoin’s DOGE openly. It would not be an exaggeration if said that Dogecoin owes its massive valuation primarily to Elon Musk. Dogecoin’s DOGE had touched its all-time high of $0.75 in May 2021, just days after Elon Musk openly expressed his liking for the meme coin.
Musk’s actions have been the major factor behind the value of DOGE for many months. When the Tesla CEO announced buying Twitter earlier this year, the prices of Dogecoin went up. This was due to a simple reason: Dogecoin is a meme coin and does not have any real-world use; hence, its prices are determined by hype, publicity, social media influencers and speculation. But with Elon Musk now pulling out of the Twitter deal, Dogecoin can fall into deep cold waters.
Elon Musk – Twitter Deal = Bad For Dogecoin?
Since Dogecoin does not have any tangible utility and its prices rely heavily on publicity, Musk’s decision to end the Twitter deal is not good news for DOGE. Twitter is known to have a lot of bots, which can be used to create a huge hype and publicity to influence people’s opinions about any crypto project. Besides, Dogecoin’s developers and promoters are trying their best to increase the utility of DOGE because investors remain wary of projects solely based on speculation.
However, the end of the Musk-Twitter deal has stripped Dogecoin of some good opportunities. When Elon Musk proposed to buy Twitter, Dogecoin’s value increased as investors speculated that DOGE might become a new currency to purchase advertisements on the microblogging site. Investors also thought Musk’s Twitter deal could influence his 100 million followers in favor of Dogecoin. But all has gone in vain now.
Also, Elon Musk has cited a higher number of bot accounts on Twitter as the primary reason for calling off the deal. This, in turn, proves that the recently-registered rapid rise in DOGE’s value was only due to speculation.
While investors are already skeptical of meme coins, the end of the Musk-Twitter deal has worsened the chances of Dogecoin’s recovery. More so important is the fact that investors are now switching to projects that have real-world utility because they have been able to withstand the recent market crash, while meme coins have suffered the most.
Chronoly’s Holders Are Flying High As CRNO Continues Its Bullish Run
Chronoly’s CRNO token has become a hot topic in the crypto arena. Chronoly.io is a blockchain-based digital marketplace where people can make fractional investments in NFTs of rare luxury watches like Rolex, Patek Phillippe, Richard Mille, and other multinational brands. Most importantly, all the NFTs minted by Chronoly are backed by real-world physical watches stored in secure vaults.
Rare luxury watches have also proven themselves as a good inflation-beating investment option, and the luxury pre-owned watch market has registered over 30% growth this year. Hence, investors can rest assured about the stability, security, and return on their investment with Chronoly.
With CRNO, a person can purchase shares in luxury watches for as little as $10. Besides, the platform also allows its investors holding 100% of the NFTs to redeem it for the physical version of the timepiece.
All these USPs have propelled Chronoly.io to grow over 600% in the last few weeks. Its price, which was $0.01 in May 2022, has crossed $0.06 quickly, as investors have put strong faith in this project. Experts opine that CRNO can skyrocket to a price target of $0.75 due to its real-world use case, stability, and transparent process.
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