Salvadoran President Nayib Bukele tweeted that he saw the crypto market crash as an opportunity to “buy the dip.”
The platform will be open to anyone that purchases tokens. “Hopefully, people don’t waste money on something inappropriate, insulting or offensive,” said Reid of GEC.
Palmer says crypto is “built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
This action extends a UK regulatory crackdown on the cryptocurrency sector as a result of concerns for its potential involvement in money laundering and fraud.
Analysts have long warned that Dogecoin is a case of “speculative mania”, with the price influenced far more by celebrity-induced buzz than anything else.
Ether and Dogecoin also slid and the rush to sell caused brief outages at some cryptocurrency exchanges.
Dogecoin’s rally began after a series of somewhat cryptic, tweets from Tesla Inc. TSLA, -1.31% and SpaceX Chief Executive Elon Musk. #dogecoin