CoinMarketCap Creates Crypto Trillionaires As Musk Sends Dogecoin Mooning

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Last Updated on 15 December 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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CoinMarketCap, the ranking site that lists all popular coins, had quite the glitch overnight when it showed Bitcoin as the second largest crypto at around a value of $852 billion and Ethereum around 48 billion. Ether trading above Bitcoin because there are more coins in circulation.

The ranking site apologized for the glitch in a tweet, stating:

The engineering team is aware of incorrect price information appearing on CoinMarketCap. We are currently investigating and will update this status when we have more information.

For anyone looking at CoinMarketCap at that moment and then hoping that their financial worries were over, the mistake was not reflected on trading platforms like Binance and Coinbase unfortunately.

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Musk Proposes Dogecoin Merchandise

Tesla and SpaceX CEO Elon Musk had in the past day made fun of the Prime Minister of Finland, thanked Time for honor of electing him as Person of the Year and, most interestingly, has suggested that Tesla will make some merch buyable with Doge & see how it goes.

In response, Dogecoin jumped 33%. This is not the first time however that Musk has influenced the price of the memecoin Dogecoin, a method for which he’s gotten into trouble in the past. In fact, Dogecoin soared to an all time high of 75 cents upon Elon announcing he would be presenting the popular Saturday Night Live show earlier this year.

At the same time as announcing the Tesla Dogecoin Merchandise, Time magazine released an interview with Musk, in which the entrepreneur explained how Dogecoin was superior to Bitcoin for payments.

Musk said, before doubling down on Dogecoin:

Fundamentally, bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions. The transaction volume of bitcoin is low, and the cost per transaction is high.

Dogecoin, on the other hand, is a currency that encourages people to spend, rather than sort of hoard as a store of value.

We’re not sure what the SEC might think of all this renewed hype for Dogecoin. In the past, they’ve threatened to start an investigation into Musk for boosting Dogecoin’s value.