Elon Musk took to Twitter today to presumably ask his Dogecoin followers one of the most rhetoric questions of all time. For months now the CEO of Tesla has been shouting from the rooftops about the meme-inspired coin which took the cryptocurrency from being a forgotten member of the crypto community to basically being the most famous coin out there. Dogecoin sits at fourth in the coins with the highest market cap.
It is largely believed that this is somewhat of a pet project for Musk, a form of amusement to see how far he could get a coin to rise to consider that the coin has no real fundamentals to speak off. The move has been criticized by many who believe that although many have profited from this, the pullback is set to be horrendous. But could this tweet from Musk change perceptions?
As alluded to, this is not really a question with the aim of receiving genuine feedback. It’s more designed to tease the public as he often loves doing. Accepting Bitcoin was a big step for Tesla and showed the level of faith Musk has in the crypto markets but if he were to open up his business to accepting DOGE, well this is a whole different matter. Especially when you consider that the coin is on the top of the mountain at the moment and where the coin will head to next is anybody’s guess.
Unfortunately, on the weekend after Musk’s eagerly anticipated SNL performance the price of DOGE dropped by 30 cents in just 12 hours. Not unexpected considering the number of gains the coin has made in recent weeks. The price has stabilized since but the future success of the project will be determined largely by Musk and if other businesses continue to follow suit.