Elon Musk, CEO of Tesla, SpaceX, and a few other high-profile enterprises, is also a huge admirer of meme cryptocurrency Dogecoin. He just shared a DOGE meme video.
This was in reaction to a tweet by Brett Winton, Director of Research at Ark Invest, criticizing Bitcoin miners. In terms of mining, 19 million Bitcoin were created on April 1.
Winton shared a joke in which a person who knows Bitcoin and Bitcoin mining converses with someone who is unaware that “miners” are hardware. The mother is the stupid one here, i.e. an old-school someone who does not comprehend cryptography and is unaware that miners are not just individuals but also microchips.
Elon Musk reacted by uploading a video explaining Dogecoin and claiming that it “explains everything.” The video depicts a Shiba Inu dog riding a rocket that enables it to outperform Bitcoin and other major cryptocurrencies in terms of market capitalization. DOGE’s price has soared in it, and the currency is heading “to the moon.”
Additionally, the film briefly depicts the microchips used in the Proof-of-Work mining algorithm utilized by Dogecoin, Bitcoin, Litecoin, and other first-generation currencies and their descendants.
Billy Markus, the co-founder of Dogecoin, has chimed in, calling this film the “greatest cryptocurrency video in history.”
A commenter below Winton’s tweet likewise expressed his frustration with his inability to explain Bitcoin to his spouse. Another late-sixties Twitter user acknowledged that he does not comprehend Bitcoin but believes he is missing out on something significant.
Brenton remarked that Musk’s meme is too extreme for the individual in the source tweet. However, he revealed that his five-year-old son is already begging him to get a Coinbase account.
Musk is not selling his DOGE, ETH, or BTC holdings
Tesla’s CEO stated in early March that he continues to retain some Dogecoin and two main cryptocurrencies — Bitcoin and Ethereum. Musk declared that he would not sell his holdings. Dogecoin’s price instantly reacted with a 9 percent increase, which did not last long.
Previously, Musk’s tweets had a greater influence on Dogecoin’s price, causing it to rise with practically every mention in the billionaire’s tweet. However, the “Musk impact” on the price of DOGE seems to be fading.
Also Read: Goldman Sachs Is Preparing To Launch Crypto Investment Services
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