This announcement comes at a difficult time for the sector. Fears about a possible slowdown in the economy and high inflation caused high risk aversion. This led to strong sales in the crypto world.
In addition, confidence in the sector was also hit when TerraUSD lost parity to the dollar, and its crypto sister Luna -which worked as a backup through algorithms- went to 0.
However, this week the stock market showed a significant recovery, but the cryptocurrency sector still does not reflect the same behavior.
“Bitcoin moved away from its safe haven concept, and is closer to being classified as risky”Investing analysts said.
For now, Dogecoin remains in the number 10 position of the cryptocurrencies, with a capitalization of 10,720 million dollars.
In December, Musk’s announcement that merchandise from Tesla could be bought with Dogecoin helped DOGE prices rise as much as 30% and traded at 0.185 cents.
Source: Ambito
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