Elon Musk ‘Dogefather’ remark spurs more volatility
10:48, 29 April 2021
Cryptic talk about cryptocurrency Dogecoin has given the controversial currency another shot of volatility – up 20% yesterday.
Yesterday the 'joke' token Dogecoin pushed to $0.33 after comments from Elon Musk – the 'Dogefather’ – referenced an upcoming 8 May TV appearance on Saturday Night Live.
There was little detail from Musk but referring to himself as the ‘Dogefather’ inevitably spurred fresh interest in the currency. On Thursday morning (29 April) Dogecoin was down 1.73% at $0.31.
Facebook says No to Bitcoin
The cryptocurrency has garnered criticism for its strong concentration of ownership spread across a limited number of accounts.
Meanwhile Bitcoin has recouped some of its earlier April losses, up almost 1% over the last week, though it was down to $54,433 (£39,039) mid-morning today, down 0.03%.
Bitcoin recently spiked to $56,200 on rumours – later quashed – that Facebook had bought into the currency in Q1.
Bitcoin had previously been given a shove downwards on the Turkish Central Bank’s announcement it would ban cryptocurrency payment from 30 April.
However, that development has been undermined by new comments from the head of Turkey’s central bank governor Şahap Kavacıoğlu.
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Turkish re-think possible?
According to Trade Moneta he reportedly told state channel TRT: "You cannot fix anything by banning crypto, and we do not intend to do this.”
Ethereum continues to push higher, climbing another 5% in the last 24 hours. Ethereum is up almost 12% in the last week.
However Cardano – potentially an Ethereum killer – is up almost 16% and Solana is 17.5% higher.
It was recently announced that Swiss fintech company 21Shares was pushing ahead with exchanged-based products based on Cardano.
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