Hey he did it again! Recently, his tweets were no longer able to have any effect on Dogecoin (DOGE). Now Tesla CEO Elon Musk has succeeded again to jump the course of the meme coin.
Elon Musk again recommends Dogecoin
Tesla manager Elon Musk loves Dogecoin (DOGE) – this is nothing new. The entrepreneur has repeatedly spoken in favor of the meme coin, even emphasizing that he wanted to make DOGE the world currency.
He followed his words with deeds: Accept, for example The Tesla electric car maker has been using Dogecoin for a few months now for certain merchandise products as a method of payment.
Recently, however, Musk talked less and less about Dogecoin – and when he did, his tweets could no longer move the price. So far!
The billionaire was just tweeting about Dogecoin again, talking about a tweet from Dogecoin creator Billy Markus. He wrote:
“The reason I like Dogecoin is because he knows he’s goofy”
The reason I like dogecoin is because he knows it’s stupid
– Shibetoshi Nakamoto (@ BillyM2k) May 12, 2022
Musk reaction: a simple sentence – with a delicate effect on the DOGE course. The billionaire:
“It has potential as a currency”
It has potential as a currency
– Elon Musk (@elonmusk) May 12, 2022
The result: Dogecoin is pumping! Just before Musk’s tweet, DOGE was still in decline, dropping from $ 0.087 to $ 0.08. Immediately after South Africa lowered the lobe, DOGE pushed back higher: from $ 0.08 to $ 0.09425 – an increase of almost 18%!
Dogecoin had to give up some of the gains in the meantime, trading at $ 0.0918 as a result. But the pump was clear – and has been able to stand up to a certain point so far.
Incidentally, Billy Markus is no longer actively working on Dogecoin, but is now working as a software engineer at IBM. On Twitter he goes by the pseudonym “Shibetoshi Nakamoto” – tribute to Bitcoin creator Satoshi Nakamoto.
Dogecoin: Is the currency a serious joke?
However, it remains controversial whether Dogecoin really has what it takes to become a global currency. The claim is more than controversial within the crypto community.
Musk claims to be working with Dogecoin developers to improve DOGE. However, many accuse the entrepreneur of not knowing enough about the subject and would be badly advised if he decides to go with Dogecoin of all cryptocurrencies.
But Musk adheres: In his opinion, Dogecoin is the best payment method. In an interview with the acclaimed Time Magazine, the father of five emphasized: DOGE is more suitable for transactions than Bitcoin. The reason: the costs per transaction are lower.
A claim that Bitcoin enthusiasts strongly deny, citing the Lightning Network. This also allows for almost free transactions – even micro-transactions with amounts of cents.
Crypto author Alex Gladstein, for example, addresses Musk directly on Twitter. He films himself how it pays for a drink in a fraction of a second through the Lightning Network, said:
“Hey Elon Musk, I know you’re interested in Dogecoin because you think it’s fast, but did you know that the Bitcoin Lightning Network is moving value worldwide faster than Plaid 0- time 60mph Tesla? “
hi @elonmuskI know you are interested in Dogecoin in part because you think it’s fast, but did you know that the Bitcoin Lightning Network moves value anywhere in the world faster than the time 0-60mph Tesla Plaid?
See for yourself:pic.twitter.com/ruyBLWag9x
– Alex Gladstein ⚡ ⚡ (@gladstein) September 5, 2021