Dogecoin experiences a sharp rise

After trashing the bitcoin, the tesla CEO Elon Musk has adopted satirical bitcoin rival dogecoin as his pet project. The bitcoin price went low after the CEO announced on twitter that tesla will allow purchases through bitcoin. Dogecoin have seen a sharp increased 20% higher.

Twitter CEO has further announced that he is planning to expand bitcoin awareness among big companies and institutions with a bitcoin focussed online event. Tesla CEO , Musk responded to Dorsey by saying that he’ll be interested in attending the online event.

In a conference held in Miami ,Dorsey told the conference that if it wasn’t for Twitter and his payment company square he would be working on bitcoin full time. The bitcoin event aims to demystify and desigmatize mainstream narratives about bitcoin.

The event scheduled on July 21, will feature Cathie Wood, the chief executive of investment management firm Ark Invest and bitcoin developer Adam Back, the chief executive of Blockstream and many others. The bitcoin adoption of corporate and institutional has been one of the biggest drivers of the bitcoin price in 2021. The Tesla CEO himself added $1.5 billion of bitcoin to Tesla’s balance sheet early in the year.

The dogecoin price soared when, Musk replied to dogecoin co-founder Billy Markus who had posted about why he continues to support dogecoin. Now , the dogecoin price is currently trading at less than half it peak of just over 70 cents, set ahead of Musk’s appearance on comedy sketch show sartuday Night Live.