Because Of Elon Musk, Dogecoin's Asset Prices Skyrocket

Dogecoin digital currency (Coindesk doc)

JAKARTA - The price of the Dogecoin (Doge) crypto asset has increased dramatically in the past year. This was triggered by the tweet of SpaceX CEO Elon Musk, who bluntly invests in cryptocurrency in Dogecoin.

As a result, the Doge exchange rate has risen drastically, reaching 150 percent over the last few weeks. Although the increase in cryptp assets is not too high, now the price of Doge in January 2021 is IDR 194 / coin, up 59 percent from the same period in the previous year.

"Elon Musk said Doge is his favorite crypto asset on Twitter. People saw that then they bought Doge. Because the demand is massive, it certainly affects the price," said Indodax CEO Oscar Darmawan.

One word: Doge

- Elon Musk (@elonmusk) December 20, 2020

Dogecoin itself is one of the crypto assets traded in the world market, including in Indonesia. On Coinmarketcap, Dogecoin's rating is 26th with Dogecoin's own market cap of 1.27 billion US dollars.

However, Doge's price increase was not only due to Elon Musk, but also due to the increase in Bitcoin price. It should be noted, Doge is an alternative type of coin which is a derivative of Bitcoin technology.

Dogecoin itself was originally created from a joke in the crypto community by creating a crypto currency with the Shiba Inu Dog logo icon which has now become a large crypto community. Dogecoin is also known as a "friendly" digital currency for good reason.

After its success, Dogecoin also became known for charitable donations and various other positive activities. With the increase in the price of Doge this indicates that crypto assets or cryptocurrencies not only Bitcoin are showing fantastic performance.

"Bitcoin is indeed the king of crypto assets, but every increase in Bitcoin always encourages the increase of all other crypto assets. Not only Bitcoin is only an increase in each different crypto asset, there are two digits to three digits but it is also indisputable that some crypto assets fall free. The massive increase in crypto prices has made many people get rich suddenly after collecting crypto assets, "he said.

In Indonesia, many Dogecoin buying and selling transactions are carried out through the Bitcoin.co.id and Indodax.com websites and it has been recorded that in the last few days Dogecoin transactions exceeded a volume of IDR 100 billion a day and has become one of the most favorite crypto assets bought by the crypto trader community in Indonesia.