Tesla CEO Elon Musk has said that Dogecoin is the “people’s cryptocurrency” after simply putting selling pressure on the Shiba Inu (SHIB). cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Elon Musk says Dogecoin is ‘people’s cryptocurrency’
Famous billionaire Elon Musk spoke about his support for Dogecoin, calling it the “people’s cryptocurrency”. Elon Musk explains that he sees meme cryptocurrency as people’s cryptocurrency, as many people who work for Tesla and SpaceX own it:
They are not financial experts or Silicon Valley technologists. That’s why I decided to support Doge. It felt like people’s cryptocurrency.
Earlier in May, when Dogecoin was on the cusp of hitting its current all-time high of $0.73, Elon Musk jokingly agreed that the cryptocurrency had a “special incentive” for people affected by the crisis. Recently, Elon Musk has once again emphasized the importance of scaling Dogecoin in a way that eliminates the need for layer 2 solutions of Lightning Network counterparts:
Bitcoin was designed with relatively low bandwidth and high latency. If both continue to improve significantly, we will reach a point where a second layer is not needed.
Elon Musk tweeted and lowered the SHIB price!
Still, the businessman’s latest attempts to boost Dogecoin have failed, as the meme coin is still 63% away from its lifetime peak. The Shiba Inu climbed to new heights on October 24th and stole Dogecoin’s shine due to intense investor interest. The second largest meme coin managed to surpass Ether in trading volume, becoming the third most traded cryptocurrency. However, Elon Musk managed to stop the terrible rally with a single tweet. When a member of the “SHIB Army” asked his boss how many Shiba Inu tokens he owns, he succinctly tweeted “None”.
The somewhat short answer infuriated the community, dropping the price of the Shiba Inu cryptocurrency by 14%. The price of the “Dogecoin killer” has now risen above the $0.000039 price level, quickly weathering the negative impact of Elon Musk. Elon Musk also urged crypto holders not to invest all their money in crypto, claiming that the real value is in creating products. Downplaying the importance of his investment, Elon Musk claims he bought Bitcoin, Ether and Dogecoin “out of curiosity”.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.