Tesla and SpaceX CEO Elon Musk remains a committed supporter of Dogecoin (DOGE). While his company, SpaceX, holds Bitcoin, he also personally owns a significant amount of the cryptocurrency.
Elon Musk continues to hold Dogecoin!
cryptokoin.comAs you can see from , his followers see Tesla CEO Elon Musk as the spiritual father of Dogecoin. He already accepts this. He took the DOGE price to the moon many times with his timely posts. However, over time, Musk’s influence gradually weakened. Still, Elon Musk’s support means a lot for the popular meme coin.
Elon Musk, CEO of Tesla and SpaceX, reaffirmed his support for Dogecoin (DOGE). Musk explained that while SpaceX has a large Bitcoin portfolio, he still holds a significant amount of DOGE. The announcement comes amid announcements that Musk’s social media network X, formerly known as Twitter, is preparing to launch peer-to-peer payments later in the year.
Will Dogecoin be part of X?
Elon Musk has dreams of turning his social media platform X into a versatile platform. This includes actively trying to include financial transactions in X. So some are calculating that this move will potentially increase Dogecoin’s utility. X’s upcoming feature is expected to increase user engagement and open up new avenues for commerce on the platform.
Although specific details about the operation of the peer-to-peer payment system and its launch date have not been disclosed, X Payments LLC, a subsidiary of X, has obtained money transmission licenses in 14 states. This integration of financial services is in line with Musk’s vision of making X an “everything app.”
elon Concerns about Musk effect
Musk’s support for Dogecoin has always been a driving force in the cryptocurrency’s popularity. However, this support has also raised concerns within the Dogecoin community. Critics like prominent community member Mishaboar have slammed Musk’s influence. Mishaboar says the Musk influence will distort the narrative around Dogecoin. He also argues that it can lead to oversimplified solutions to potentially complex problems.
In a recent post, Mishaboar highlighted the danger of the community blindly aligning with Elon Musk’s views, especially given his tendency to align with certain political groups and his influence on public opinion. Mishaboar’s criticism extends to Musk’s inner circle. It also highlights the impact of the lack of dissenting voices. This, he argues, can lead to an echo chamber effect in which challenging or complex perspectives are pushed aside.
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