Elon Musk has admitted to preferring Dogecoin to rival cryptocurrencies simply because ‘it has dogs and memes’.
The SpaceX CEO, who has long championed Dogecoin, was quizzed about his favourite cryptocurrency by YouTuber and Tesla investor Dave Lee.
Expressing curiosity about the entrepreneur’s widely-documented fondness for the meme-able coin, Lee quizzed Musk about ‘Ethereum 2.0, Cardano, Solana, Polkadot, IOTA and others that are trying to scale with low fees’, asking, ‘What makes you choose Doge over them?’
In response, Musk tweeted:
Doge has dogs & memes, whereas the others do not
It would appear that plenty of others agree wholeheartedly with this sentiment, with one person tweeting:
Branding is very important. Doge represents an ironic rebellious but loyal ideal. The doge is the people’s coin. Technology can be fixed but the icon is what keeps attention… think Apple computers, or Nike… branding is a foundation.
Honestly, that’s what makes Doge more fun! As a programmer, it’s so cool and geeky to hear about the technologies behind the various cryptos – but when they added in the dog, I made my first investments into ‘the market’ ever. I’m in Geek Heaven.
This comes after Musk put a call out to developers to submit upgrade and improvement ideas for Dogecoin on Reddit and GitHub forums.
Musk also recently responded to an article about Ethereum upgrades, claiming that Ethereum’s co-founder Vitalik Buterin ‘fears the [doge]’, adding, ‘Someone suggested changing dogecoin fees based on phases of the moon, which is pretty awesome.’
Back in February, Musk acknowledged the impact his well-known support has for the price of Dogecoin, speaking to his followers via Clubhouse:
I have to be careful what I say, it can affect the market. The most entertaining outcome… would be that dogecoin becomes the currency of earth in the future.
Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony.
As per Forbes, Dogecoin has climbed by 12,000% over the course of the past year.
It’s expected that the price of Dogecoin will continue to soar going forward, with some speculating that it could well rise as high as $1 per token.
However, cryptocurrencies have recently seen a steep decline in value after investors seemingly appeared to cut their losses and sell up.
Due to their decentralised nature, the value of cryptocurrencies can change quickly. Investors have seen the worth of their cryptocurrencies dip over the past week, and this now appears to have caused a spiral for coins such as Dogecoin and Shibu Ina as a number of investors decided to pull out.
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