Most of the growth of the digital assets in the cryptocurrency market has continued to be affiliated with various market factors. While many analysts believe that the value of an asset like Bitcoin has continued to be tied to the high trading volumes of the digital asset, which continues to be astronomical since inception.
Other analysts believe that the digital asset has enjoyed some level of social influence from prominent business names who have continued to drive investors to invest in the cryptocurrency. On the other hand, popular altcoin- Dogecoin is proof to the testament that social influencing drives attention to digital assets.
Milkyways and Snickers excite the Doge Army on Twitter
Towards the late part of last year, Tesla’s Elon Musk, a Bitcoin admirer and investor, started to affiliate himself to Bitcoin. That action from the Tesla owner started to move the digital asset’s price, attracting new investors to the meme coin. Since that period, the altcoin’s fortunes have gone up, with last week’s rally highlighting a brilliant turnaround for the altcoin.
However, the altcoin now has a new admirer, as Mars confectionery-owned popular chocolate bar- Snickers, have posted a tweet, via their verified Twitter account, to promote the meme coin. In the viral tweet yesterday, the 90-year old chocolate company posted a tweet about the meme coin, promoting the #DogeDay and #DogeDay420 hashtags to their 400kplus followers.
Fortunately for the meme coin, Snickers was not the only candy brand to promote them, as Snickers’s rival product- Milkyways, joined them to promote the Dogecoin. Unlike Milkyways opted for a more congratulatory approach, applauding the DOGEARMY. The actions of both candy companies resulted in Dogecoin trending in the U.S, with the hashtags going viral on Twitter.
Dogecoin going strong
However, the promotion and celebration of Dogecoin by both candy brands is not overhyped in any way, as the meme coin has lived up to the hype. The altcoin has seen its price hit several ATHs in recent weeks, prompting the project developers to reconsider a system upgrade to its Blockchain after neglecting it for years.
Surprisingly, despite pushing Dogecoin and calling himself the father of Dogecoin, Elon Musk confirmed to his followers that he does not have any affiliation and investment in the altcoin, labeling his actions as just messing around the digital asset. On the other hand, Dallas Maverick Owner- Mark Cuban, who is also known as an admirer of the altcoin created as a joke, has seen his actions move the altcoin’s price.
Last week’s rally was the icing on the cake for the cryptocurrency, as it hit unprecedented heights, much to the delights of many many pro-Dogecoiners, optimistic that the digital asset will hit $1 soon. At the time of writing, and with a price rise of more than 600% in the last month, the cryptocurrency is trading at $0.385.