Mr Musk’s public interest in Dogecoin and other cryptocurrencies of its kind has divided people within the industry, with many concerned his market-altering tweets are just enhancing the issue of volatility when it comes to cost.

However, others who are in support of crypto, claim it helps draw attention to the industry, pushing into the mainstream financial space, and ultimately driving adoption in the process.

Michael Kamerman, CEO of financial-technology firm Skilling, said: “The main drivers behind dogecoin’s popularity is its online communities, coupled with support from high-profile business magnates like Elon Musk.

“It’s moved by headlines, tweets, celebrity or corporate endorsements, and while that’s likely belittled by ‘traditional’ investors, it’s what brings the masses to cryptocurrencies.”

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