After Musk announced Dogecoin on Twitter, the cryptocurrency is overvalued; understand

Dogecoin, the famous meme cryptocurrency, shocked Twitter users this Monday (3) by temporarily replacing the blue bird on the social network. Within minutes, hundreds of thousands of tweets were generated on the subject. The Dogecoin puppy even topped the trending topics on Twitter in Brazil. With DOGE in the spotlight, the appreciation of the currency was inevitable. The increase was 24% this Monday alone.

After Musk announced Dogecoin on Twitter, the cryptocurrency is overvalued; understand

The billionaire and CEO of Tesla, Elon Musk, is often associated with Dogecoin and the cryptocurrency market in general. He recently offered $258 billion to settle a lawsuit that accuses him of hiding possible risks involving investments in cryptocurrencies, including the Dogecoin. The case remains ongoing in New York court.

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Dogecoin is a meme currency

While some cryptocurrency enthusiasts believe that Bitcoin could replace the traditional financial system in the near future, industry analysts see the Dogecoin just as a meme coin and do not recommend investments. Although the currency's rise this Monday (3) impacted internet users, it is important to remember that the cryptocurrency market is highly volatile and can be risky for inexperienced investors.

Cryptocurrency appreciated in value this Monday afternoon (3)

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After Musk announced Dogecoin on Twitter, the cryptocurrency is overvalued; understand

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