Elon Musk is once again showing his support for Dogecoin (DOGE/USD), and the meme coin registered a slight gain because of this. However, the meme coin has since retreated to previous lows because of the recession witnessed across the crypto sector.
Dogecoin made an appearance during the launch of a new gigafactory for Tesla. A mascot of the Dogecoin Shiba Inu dog was featured during a drone display at the “Cyber Rodeo” event. The appearance of DOGE was a major influence on Dogecoin’s price gains.
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Tesla’s CEO, Elon Musk, had initially said that the event could be the “biggest play on the earth.” The launch of the Tesla gigafactory in Texas, US, came barely two weeks after the launch of the company’s gigafactory in Berlin, Germany. Tesla now has six gigafactories globally.
Dogecoin has failed to sustain this price uptrend. At the time of writing, the price of DOGE had dropped by 4.9% to $0.143, according to CoinGecko. Elon Musk has been behind most of DOGE’s price gains. Last year, Musk’s appearance on the Saturday Night Live show propelled DOGE to a new all-time high.
Dogecoin is currently the top-performing meme coin, and it is the largest meme coin by market cap. Last year, Shiba Inu managed to surpass Dogecoin’s market cap after registering a notable gain towards the end of last year.
Shiba Inu is also making strategic developments to boost its price gains. The meme coin is currently focused on the metaverse. Shiba Inu plans to launch Shibverse, consisting of 100K pieces of land that will be priced in Ethereum (ETH/USD). However, the launch of the metaverse was criticized by Dogecoin’s founder, Shibetoshi Nakamoto.
“How is making a random metaverse and selling fake land with Ethereum adding utility to the project. I mean, whatever is people wanna give the devs even more money, go ahead, but if I was a SHIB holder, I would be annoyed,” the executive said.
However, the Dogecoin founder is still looking for ways to include a DOGE tipping feature on Twitter. The social media platform has already opened tipping with Bitcoin and Ethereum.
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