HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Elon Musk reveals the only requirement needed for Dogecoin to receive his full support

Altcoins 2021/02/15 11:53 by Olivia Brooke
Dogecoin Gets Another Free PR From Elon Musk, Becomes 10th Largest Cryptocurrency

The richest man in the world, who is perhaps Dogecoin’s biggest fan, sent a message to members of the Doge community, revealing the only requirement needed for the Dogecoin community to receive his full support.

In a tweet made on Sunday, Musk announced that concentration (which is due to the clogging of DOGE from single users to multiple wallets) is a major drawback for the coin. Musk declared that if HODLers let go of their DOGE and circulate it through sales, Dogecoiners can rest assured that he will put both feet in the market.

Musk tweet reads;

Dogecoin as the currency of the internet? Elon Musk agrees

DOGE has been getting free publicity from Elon Musk for over a year now. But this year, the billionaire made it a point to continually tweet about his interest in the meme-asset. Although Dogecoin has strengthened its momentum with the endless amount of price pumps that Musk’s publicity has brought to the market, sustaining this pattern may require more than just publicity. 

For Dogecoin to be the “currency of the world” Musk affirmed that its whales must maintain transparency by distributing their doge holdings, or risk losing Musk’s continued endorsement. This was made known when a commenter urged DOGE users to comply with Musk’s request.

The comment reads; “Whales will have to consider Elon’s ultimatum here. If they comply, Dogecoin becomes the currency of the internet. If they don’t, or “cheat” by distributing their coins across multiple wallets, then it loses Elon’s endorsement. Easy decision for the whales. Do the right thing.” Musk responded to the comment in affirmation, saying “Yup.”

A DOGE without Musk?

Musk’s revelations objectively imply that the billionaire has a bias for Dogecoin, despite its questionable inflation structure. His affirmative response to Dogecoin as the currency of the internet, along with his recent statements about DOGE being the currency of the world hints that Musk believes in the potential of the asset.

If major holders click on Musk’s call, the cryptocurrency stands a chance at joining Bitcoin to become the second digital asset that could be considered for payments at Tesla. Musk even disclosed that he has purchased some DOGE for his youngest son. “Bought some Dogecoin for lil X, so he can be a toddler hodler,” he tweeted, shortly after he made a post about Dogecoin being the ruler of many leading digital assets, including Bitcoin. 

It will be interesting to see the turn of events in the next few months. With the massive publicity that Dogecoin has gotten from Musk, it is almost unimaginable to disentangle the asset from the billionaire. Although a DOGE without Musk is a truckload of free endorsement from a notable figure in the finance world, going down the drain, a Musk without DOGE is also just as much a loss for the billionaire who is clearly passionate about its domination.

0 Like(s)



You should also read...

Altcoins 17/02/21 14:08 by Olivia Brooke
More Competition For Bitcoin and DOGE As Elon Musk Mulls ‘MarsCoin’
A recent twitter-interaction with Elon Musk hints that Dogecoin may not be the only digital asset going to Mars after all. While Bitcoin is being considered as a potential payment currency at Tesla, ...
Read More
Altcoins 19/02/21 14:30 by Steven Msoh
Elon Musk Defends Tesla’s $1.5B BTC Bet – Crypto Community Weighs In On Dogecoin Price Action
Elon Musk believes that holding Bitcoin is less risky than holding fiat currencies. In a recent Twitter exchange, he further defended Tesla’s $1.5 billion BTC purchase as a strategic hedge against ...
Read More
Altcoins 16/05/21 22:07 by Olivia Brooke
Elon Musk On Why Dogecoin is Superior to Bitcoin
The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to crit...
Read More
Altcoins 31/05/21 12:00 by Olivia Brooke
U.S Congressman Slams Elon Musk, Says The Billionaire’s Support For Dogecoin Is Ingenuine
Elon Musk has been receiving a truckload of criticism from market players ever since he put out his comments about Bitcoin’s energy usage, which he considers intensive and unsustainable. The billio...
Read More
Altcoins 23/06/21 16:33 by Olivia Brooke
Elon Musk May Have Finally Exited The Dogecoin Market For Good
Dogecoin has been going off track since Elon musk’s SNL performance, which took place on the 8th of May, ever since then, the meme-coin has lost an estimated $70 billion in market capitalizatio...
Read More