In the dynamic world of digital currency, several factors affect the values of all digital assets. Some factors include utilities of the crypto, demand & supply, cost of mining, regulation, and media coverage. However, a significant factor that drives crypto’s value is its popularity among people.
The fundamental aim of all crypto projects is wide acceptance. All project owners wish to reach a large number of people globally. And most of the crypto projects in the coin market today gain popularity through a series of endorsements from celebrities worldwide.
This article will explore the influence of celebrity endorsement on digital assets. We will also discuss its ripple effect in casinos like Bitcoin live casino and other platforms.
Influence of Celebrity endorsement on crypto
Celebrities are public figures with large fan bases from around the world. They are influencers that control a large amount of crowd due to their integrity, credibility, or crafts. These celebrities include musicians, athletes, philanthropists, actors, actresses, etc.
Crypto agents often engage some renowned individuals to draw more attention to their projects. Some celebrities often publicize the project out of love for the particular crypto. They leverage the volume of fans that trust and love them to put more spotlight on the asset and increase its value.
Elon Musk and Dogecoin
A prime example of a celebrity influencing token value is the impact of Elon Musk on Dogecoin. Elon Musk owns several multinational corporations such as Tesla, SpaceX, Neuralink, and Twitter. According to a recent ranking by Forbes in August 2023, he is also the wealthiest man in the world.
Elon frequently mentions Dogecoin on Twitter, his social media account with millions of followers. For instance, in May 2021, he tweeted about Dogecoin light-heartedly. This tweet led to a 20% leap in the Doge’s value to attain its all-time highest price.
Also, in December 2021, Elon Musk announced that Tesla would start accepting Dogecoin as a means of payment. Dogecoin’s value increased by 40% after this announcement.
Conversely, when Elon tweets negatively about the digital currency, its value drops; for example, in May 2022, he tweeted that he would sell most of his physical possessions to hold Bitcoin and Ethereum without mentioning Dogecoin. This tweet leads to a decline in…
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