Almost immediately after it was announced that Tesla CEO Elon Musk purchased Twitter for $44 billion, the price of Dogecoin (DOGE), the cryptocurrency Musk often promotes on social media, increased nearly 14%. Several days after the announcement was made Dogecoin’s price continued to rise – up to 26% – peaking at $0.1675. But Dogecoin wasn’t the only crypto to see a spike in its price after Twitter accepted Musk’s bid to buy the company. Mushe (XMU) also saw a rise in its price. Mushe’s price has grown 44% over the past seven days as the popularity of the token continues to grow in the presale. Another community-centric crypto, Dogelon Mars (ELON) also saw an initial spike of over 10% before settling down to see a modest rise of 0.64% the day after the announcement. As of the time of writing, the prices have settled and returned to their normal levels, but Mushe has remained strong and held its price.
The Elon Musk effect on cryptocurrency
Musk’s “midas touch” has heavily benefited community-centric cryptocurrencies. Thanks to Musk’s frequent mentions of Dogecoin, he single-handedly helped push the coin to “the moon” as it reached a record high of $0.73 last year. In a tweet from April 2021, Musk called himself the “Dogefather” a play on his fondness for the cryptocurrency. Musk’s preference for the coin is summed up in five words from his February 2021 tweet which he wrote, “Dogecoin is the people’s crypto.” The price increases of Dogecoin align almost perfectly with Musk’s tweets. After tweeting that Tesla would start accepting Dogecoin as payment for branded products, the price of the coin increased by 33% according to CoinGecko.
Musk is one of the biggest buyers of crypto, with Tesla investing about $1.5 billion in cryptocurrency in 2021. Musk’s influence in the crypto space is heavily felt. Currently, Dogecoin is the only digital currency Tesla accepts. The items eligible for purchase with Dogecoins include Tesla-branded belt buckles and children’s all-terrain vehicles. All popular items that usually sell out quickly.
How investors can take advantage of the rise in community tokens
When Mushe launched its tokens for presale on April 18, the price was $0.005 per token. Now, similar to Dogecoin and other cryptocurrencies, Mushe has seen a significant jump in its price. As of the time of writing, Mushe is priced at $0.019 per token. This is a great time for crypto enthusiasts and investors to purchase Mushe tokens as there are a limited number of tokens available and the price is expected to continue to increase beyond the July 4th launch date.
Both Dogecoin and Mushe are community-centric cryptocurrencies that are truly decentralized. Mushe has limitless scalability and interoperability. Token holders can safely, easily and quickly complete transactions via compatible wallets and exchanges such as the forthcoming Mushe Wallet and MusheSwap platforms. MusheSwap allows investors to trade on multiple blockchains without any restrictions and with low transaction fees.
Dogecoin and Mushe were founded on the principle of allowing people true financial freedom. The community of people that support both cryptocurrencies believe in the mission as well. They are committed to being a community that helps support the adoption and growth of the digital currencies.
Learn more about Mushe (XMU)
Official Website: https://www.mushe.world/
Presale Registration: https://portal.mushe.world/sign-up