Elon Musk has garnered a lot of attention since his rise to fame. The Tesla CEO has been the focal point of anything regarding crypto. So, how has he affected HUH Token (HUH), Dogecoin (DOGE), and Bitcoin (BTC)? Let’s find out.
Dogecoin and Bitcoin have been around since the dawn of cryptocurrency. Bitcoin started the cryptocurrency craze while Dogecoin fought its way up the crypto ladder to become the world’s most dominant meme coin. HUH Token is a new cryptocurrency making its way up the crypto ladder, with a dedicated charity wallet for Elon Musk.
You Won’t Be Confused With HUH Token (HUH)
HUH Token is launching a blockchain using the Proof-of-Stake (PoS) consensus mechanism. PoS is the most desirable consensus for scalability due to its high transaction speeds and lower carbon footprint. Lower fees are common on PoS platforms, which makes for satisfied users!
Additionally, those who use the HUH Token platform will be met with a decentralised exchange (DEX). Often, DEXs are clunky and hard to operate for beginners. That’s why HUH Exchange will host three interfaces for; beginner traders, intermediate traders, and veteran traders.
Musks’ Home In Cryptocurrency – Dogecoin (DOGE)
Ever heard of Dogecoin? Of course, you have! The crypto giant was a pioneer for meme coins, paving the way for hundreds after it. Meme coins like Dogecoin often have a strong community that comes together when the crypto market declines.
Elon Musk has frequently tweeted about Dogecoin. He has even been called the ‘Dogefather’. It is a title that showcases his importance to Dogecoin. Any update that Elon Musk gives on his feelings about Dogecoin reaches his 100 million followers on Twitter.
Dogecoin spiked by 10% when it was revealed that Elon Musk had a 9.2% stake in Twitter. However, not every update from Elon Musk is positive. In 2021, Elon Musk called Dogecoin a “hustle” which resulted in a 35% decrease in value and many unhappy DOGE holders.
Bitcoin (BTC) – Where It All Began
Bitcoin operates on a Proof-of-Work (PoW) consensus algorithm notorious for high-energy usage and slow transactions. With climate change becoming increasingly important, cryptocurrencies are being held accountable for their energy usage.
Elon Musk announced that Tesla will no longer accept BTC as a payment method. The reasoning behind this decision was because of Bitcoin’s contribution to carbon emissions. The price of Bitcoin dropped by 15% after the announcement.
However, Elon Musk previously stated that he would be open to resuming the acceptance of Bitcoin as a payment method if Bitcoin became more eco-friendly. Additionally, Bitcoin will be required to have a positive future trend of clean energy usage. If Bitcoin meets these criteria, the coin could surge exponentially in the future.
To Summarise
Elon Musk is undoubtedly the most influential man in cryptocurrency. His words reach hundreds of millions, encouraging them to act quickly. Dogecoin and Bitcoin have been the recipient of negative remarks by Elon Musk, prompting them to lose value in a matter of hours.
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Source: https://www.thecoinrepublic.com/2022/09/01/the-elon-effect-how-cryptocurrencies-like-huh-token-dogecoin-and-bitcoin-are-affected-by-elon-musk/