Musk’s influence extends beyond Dogecoin. His comments affect Bitcoin, Ethereum, Cardano crypto, Solana crypto, Polygon crypto, ADA crypto, and many others. The crypto market often reacts to his statements with volatility, sparking debates about whether an individual should wield such power over decentralized systems.
DeFi projects benefit from the attention Musk has brought to the space. The NFT crypto market also experienced growth as new investors attracted by Dogecoin discovered other blockchain opportunities. Crypto staking, digital art, and other innovations have become popular.
New coins like Safemoon crypto, Shiba Inu crypto, Bonfire crypto, and others are trying to replicate Dogecoin’s success. Even established coins such as XRP crypto, Tether crypto, Polkadot crypto, EOS crypto, and emerging ones like Cosmos crypto, The Graph crypto, BNB crypto, and Stellar crypto are experiencing price changes based on the sentiment Musk generates.