Dogecoin pumps 8% following Elon Musk’s tips for surviving the Great Depression 2.0


Symbiosis

Tesla CEO Elon Musk offers recommendation for surviving powerful financial instances resulting in pumps in Bitcoin, Ethereum, and Dogecoin.

He advocates transferring capital to “bodily issues,” i.e., not cryptocurrency. Nonetheless, his tweet nonetheless spiked the three talked about tokens, demonstrating that the “Elon impact” is alive and properly.

Of the three, Dogecoin moved essentially the most, with an 8% swing to the upside, peaking at $0.1223 within the early hours (GMT). Nonetheless, the market took again most of these positive aspects to shut the hourly candle at $0.1156.

Dogecoin hourly chart
Supply: DOGEUSD on TradingView.com

Equally, Bitcoin noticed a 2% spike, with Ethereum posting a 3% swing. Like Dogecoin, profit-taking leaves an extended high wick on each worth charts.

Final 12 months, Musk revealed his crypto portfolio consists of Bitcoin, Ethereum, and Dogecoin solely. The disclosure happened in an obvious snub of Shiba Inu, which was buying and selling at all-time highs on the time.

Nonetheless, the current value of dwelling disaster is evolving into dissatisfaction with the political class, together with the ultra-wealthy.

Runaway inflation is occurring

The results of inflation develop into extra evident every day, none extra so than on the petrol pump. Though globalpetrolprices.com places the worth of petrol at $4.46/gallon within the U.S, some report costs as excessive as $7.56/gallon in excessive tax states.

Petrol inflation
Supply: globalpetrolprices.com

Runaway inflation is primarily attributable to a rise within the cash provide not supported by financial progress or a scenario the place demand exceeds provide. Sadly, by the final two years’ occasions, world economies face the double whammy of coping with each situations.

Sharing his ideas on the matter, MicroStrategy CEO Michael Saylor predicts worse to return, resulting in a collapse in weaker currencies and a flight to scarce property, like Bitcoin.

“USD shopper inflation will proceed close to all time highs, and asset inflation will run at double the speed of shopper inflation. Weaker currencies will collapse, and the flight of capital from money, debt, & worth shares to scarce property like #bitcoin will intensify.”

What does Musk advise?

Musk takes a extra balanced view, saying Saylor’s take was “not totally unpredictable.” However relatively than advocate Bitcoin, Musk encourages individuals to personal bodily issues, together with actual property or shares in well-regarded corporations.

On the identical time, Musk additionally mentioned that he intends to hodl his Bitcoin, Ethereum, and Dogecoin holdings.

The jury continues to be out on whether or not Bitcoin, and by extension cryptocurrency, is an inflationary hedge. Little doubt, extra will probably be revealed within the coming weeks and months.

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