Tesla CEO Elon Musk has said that Dogecoin is the “people’s cryptocurrency” after simply putting selling pressure on Shiba Inu (SHIB). Cryptocoin. com, we have compiled the details for you, let’s examine the subject together…
Elon Musk says Dogecoin is “the people’s cryptocurrency”
Famous billionaire Elon Musk spoke about his support for Dogecoin and called 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 sounded like people’s cryptocurrency.
In early May, when Dogecoin was on the cusp of reaching the current all-time high of $0.73, Elon Musk jokingly agreed that the cryptocurrency was his “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 had, he succinctly tweeted “None.”
The somewhat short answer has 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 selling off Elon Musk’s negative impact. 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”.