Musk Effect Bolsters DOGE Yet Again, Signuptoken.com Celebrates 3K Signups

Dogecoin's price reached $0.10 for the first time in months, after Elon Musk changed the Twitter blue bird logo to the Doge meme. While the Musk effect creates a storm in the meme coin market, Signuptoken.com surpassed 3,000 signups, utilizing the positive trend in the market.

What's Dogecoin? Parody-Turned-Prodigy

In 2013, two engineers named Billy Markus and Jackson Palmer were amazed by the overwhelming popularity that Bitcoin and other cryptocurrencies were enjoying.

They decided to make fun of this alternative finance by creating a new payment system as a joke. As a result, they ended up creating a new concept in the crypto industry called meme coin.

The two engineers named their new meme coin Dogecoin, which features a Shiba Inu breed dog as its mascot. Although the currency was created as a joke, some investors consider it a legitimate investment prospect. Thus, a cryptocurrency that was created as a parody has become a prodigy.

The Dogecoin ecosystem is powered by its native token called DOGE. It is the 9th largest cryptocurrency in the market with a $13 billion market capitalization.

The coin reached its all-time high value in 2021, after Elon Musk, one of the richest men in the world, endorsed it on a Saturday night live television show. But it was not the first time that Musk had influenced the price of Dogecoin.

The Dogefather

Elon Musk has never attempted to hide his favoritism for Dogecoin. In fact, he used his social media influence to impact Dogecoin's price.

In late 2020, when the entire world was suffering from the covid induced economic slowdown, Elon Musk published his first tweet in support of Dogecoin. His one-sentence tweet, "One word: Doge" sent the DOGE price to surge by more than 20%, despite the covid lockdown.

Since then, Elon Musk has published many tweets to influence the price of Dogecoin. In 2021, he endorsed Dogecoin on a Saturday night live television show. Dogecoin price hit its all-time highest value on that day to trade at $0.7376.

Overwhelmed by Musk's continuous support, Dogecoin supporters have bestowed him the name 'Dogefather'. But his actions also resulted in huge financial losses for crypto investors.

Why Does Elon Musk Change Twitter Logo?

In 2022, an American named Keith Jhonson filed a lawsuit against Elon Musk in Federal Court in Manhattan, accusing him of artificially inflating the price of Dogecoin. He also demanded $258 billion for the damages caused.

A couple of days ago, Elon Musk requested the US court to dismiss this case, citing his social media posts were silly and nothing serious. But the complainants argued that Elon Musk is running a pyramid scheme to support Dogecoin. Musk's lawyers responded by criticizing the allegations as a fanciful work of fiction over Musk's innocuous and often silly tweets.

But a day after this court scene, Elon Musk changed the famous Twitter blue bird logo to the Doge meme on the desktop website version of the platform.

It is assumed that Musk may have done this to divert attention from his lawsuit. However, his recent unexplained action once again influenced the Dogecoin price to surge up to 30% within four hours.

What Is Signuptoken.com?

Apart from Dogecoin, other prominent meme coins such as Shiba Inu (SHIB), Floki Inu (FLOKI), and Baby Dogecoin (BabyDoge) also witnessed a significant rise in their prices due to the Musk Effect.

While Elon Musk's post created a storm in the meme-coin market, another new crypto called Signuptoken.com also utilized the positive trend in the market to surpass 3,000 signups.

Signuptoken.com is a new cryptocurrency that aims to bring change to the crypto industry. Signuptoken.com has simplified the crypto investment by skipping the presale stage. The platform aims to get one million sign-ups to reach potential investors before launch.

Signuptoken.com does not charge any prepayment for sign ups, attracting crypto investors to be a part of the new initiative.

If you are planning to invest in cryptocurrency but are afraid of losing your money on a scam presale, you can consider Signuptoken.com as a credible investment option.

Once you are done with the signing up process on the official website of Signuptoken.com, you will be added to a millionaire club.

After reaching one million email signups, the platform will send messages to the registered mail ids regarding the token launch. It will give you early access to purchase promising Signuptoken.com before it hits the market.

Final Thought

By changing the Twitter logo to a Doge meme, Musk is demonstrating his support for the Dogecoin community and generating buzz around cryptocurrency. This could lead to increased awareness and interest in Dogecoin, which could also indirectly improve the value of other cryptocurrencies like Signuptoken.com.