It wasn’t that long ago that Elon Musk was considered a hero of the crypto community as his influence, without doubt, caused Bitcoin to grow and this, in turn, would have had a positive effect on the prices of your favorite altcoins. His influence on Dogecoin was even more remarkable as the coin at one point before this recent crypto crash saw gains of 15,000 % for the year.
This all changed recently though as he dropped his support for Bitcoin as he announced on his Twitter account that his company, Tesla would no longer be accepting payments of Bitcoin. This sent the price down and many had hoped he would use this as an opportunity to embrace more developed altcoins but to many people’s frustrations, the world’s richest man continued to embrace the meme-inspired currency.
Dave Lee, a YouTuber, and Tesla investor took an opportunity to ask Musk about his further thoughts on the crypto industry, he specifically wanted to know what his thoughts were about other coins available on the market.
“Curious what are your thoughts on ethereum 2.0, Cardano, Solana, Polkadot, IOTA, and others that are trying to scale with low fees, What makes you choose doge over them?”
Musk’s response was typical as instead of engaging with the question he just gave an answer which will ultimately only satisfy Dogecoin holders.
“[Dogecoin] has dogs and memes, whereas the others do not,”
Many investors presumed that Elon Musk’s support of Dogecoin would have waived by now but instead, it appears to have only become stronger. It wasn’t long ago that the price of Dogecoin was trading at 7 cents and this was symbolic of a meteoric rise. Therefore we should all put a 30 cents DOGE into perspective and it will be fascinating to see how far it can really go in this market cycle.