- Tesla CEO Elon Musk gave simplified reasons to his favouring of altcoin Dogecoin, saying he prefers it over other cryptos as it has “dogs and memes”.
- The price of Dogecoin now sits at US$0.35 after falling to just below US$0.25. On 8 May, the meme-coin was valued at just above US$0.72.
- Despite Musk’s heavy involvement in Dogecoin, he also pointed out that his ability to take any formal action is limited, given that Dogecoin has no formal organisational structure.
In response to a tweet asking why he chooses Dogecoin over other cryptos currently trying to scale with lower fees, Musk replied that Dogecoin has dogs and memes, whereas the others don’t.
Source: © Ozdereisa | Megapixl.com
Musk’s simplified musing helped Dogecoin’s price rebound after a major sell off over the weekend. The price of Dogecoin now sits at US$0.35 after falling to just below US$0.25. On 8 May, the meme-coin was valued at just above US$0.72.
The enigmatic billionaire, whose recent tweets have sent Bitcoin’s price on a wild rollercoaster ride in recent weeks, has become an avid fan of Dogecoin and is even considered by many of Dogecoin’s fans to be the unofficial CEO of Dogecoin.
One tweet this morning from one enthusiastic Dogecoin fan said that Musk seemed to be treating the digital currency as one of his own companies and that with Musk as Dogecoin’s CEO, the coin is in good hands.
This prompted Musk to point out that his ability to take any formal action is limited given that Dogecoin has no formal organisational structure.
Despite Musk’s disclaimer, the SpaceX founder and would-be space traveller requested developers submit ideas that could improve and upgrade the meme crypto.
He also added that Ethereum’s co-founder, Vitalik Buterin, fears Dogecoin.
Musk’s Hefty Influence on Dogecoin
Dogecoin is an altcoin that was introduced to the crypto market in 2014. It was started by Billy Marcus and Jackson Palmer as a joke designed to satirise other cryptos.
Despite its sardonic roots, Dogecoin has soared this year, offering staggering returns of 14,500 per cent. The meteoric rise has been largely due to tweets from Musk, with the aspiring spaceman going so far as to proclaim himself to be “The Dogefather”.
Elon Musk continues to back Dogecoin (Source: © Hutchinsphoto | Megapixl.com)
Dogecoin hit a bump in the road earlier this month. However, when Musk called Dogecoin a “hustle” on the popular long-running American comedy series Saturday Night Live.
The wry comment saw an immediate drop of over thirty per cent of Dogecoin’s value.