Elon Musk is a staunch supporter of cryptocurrency and has been very outspoken about it. He is especially very interested in Dogecoin and has endorsed it once again in a recent tweet.
Dogecoin has seen substantial growth in its overall market cap ever since Elon Musk started tweeting about it. It has dipped to around 8 cents in this recent crypto fallout, but there is still hope within the Dogecoin community.
As you may know, the meme coin is named after a popular meme called Doge, a happy dog, because dogs make everyone happy. Dogecoin creator Shibetoshi Nakamoto never expected the coin to reach the levels of market cap it has today, but he is no longer involved in the project.
Nakamoto posted on Twitter to say that he likes the coin simply because it is stupid. Then Elon Musk rode in on Twitter, the very platform he is in the process of buying, and he was quick to respond to that tweet. In his response, Musk stated that dogecoin has potential as a currency.
Shibetoshi Nakamoto: “The reason I like dogecoin is because it knows it is stupid”
Musk : “It has potential as a currency”
Dogecoin recently experienced a surge when the report of Musk purchasing Twitter was made public. However, dogecoin has taken a due crypto market crash. The market is no stranger to fluctuations. We’ll eventually see the coin value recover once the market starts recovering.
Not to mention that, but Elon Musk has hinted that he would allow Twitter users an option to pay via Dogecoin for premium service once he takes the platform private. Musk is just waiting for his transaction of $44 billion to purchase the social media giant to go through. It will surely be a sight to witness once Musk starts ruling Twitter. In the meantime, Dogecoin supporters will still keep their fingers crossed in hopes that their favorite coin will go to the moon.
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