Elon Musk Refers to Dogecoin as the “People’s Cryptocurrency” and Rejects the Shiba Inu
Elon Musk, the billionaire, has expressed his support for Dogecoin, referring to it as “people’s crypto.” Musk argues that he sees the meme currency this way since it is owned by a large number of Tesla and SpaceX employees.
They are neither financial analysts nor Silicon Valley technology, entrepreneurs. That is why I chose to support Doge — it seemed to me to be the people’s cryptocurrency.
Musk agreed in early May, as Dogecoin approached its current all-time high of $0.73, that the joke cryptocurrency would serve as his “private stimulus” for individuals impacted by the crisis.
Recently, he reiterated the critical importance of scaling Dogecoin in order to reduce the necessity for layer-2 solutions such as the Lightning Network:
Bitcoin was created during a period of limited bandwidth and significant latency. If both continue to improve significantly, we will eventually eliminate the requirement for a second layer.
Nonetheless, the entrepreneur’s latest efforts to increase Dogecoin have been unsuccessful, as the canine currency is currently 63 percent behind its all-time high.
Shiba Inu rose to new highs on Oct. 24, stealing Dogecoin’s thunder as a result of massive retail interest. The second-largest canine has surpassed Ether in terms of trading volume, establishing itself as the third most traded cryptocurrency.
Musk, on the other hand, was able to put an end to the huge rally with a single tweet. When a member of the “SHIB Army” inquired as to how many Shiba Inu tokens the business mogul had, he replied clearly, “None.”
The relatively brusque response drove the Shiba Inu cryptocurrency’s price to plummet 14%, upsetting the community. The price of the “Dogecoin killer” has already returned over the $0.00004 mark, indicating that investors swiftly forgot about Musk’s snub.
Musk also cautioned cryptocurrency investors not to put all of their money in cryptocurrencies, arguing that the ultimate value lies in product creation.
He claims to have purchased Bitcoin, Ether, and Dogecoin “out of curiosity,” significantly downplaying the significance of his investment. Tesla and SpaceX, as reported by U.Today, also have the biggest cryptocurrencies on their balance sheets.
Also Read: The US Treasury Secretary Is Considering Taxing Unrealized Cryptocurrency Gains
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