HomeTech NewsElon Musk Reveals Cause Behind Supporting Dogecoin

Elon Musk Reveals Cause Behind Supporting Dogecoin

Elon Musk tweeted in response to the “Dogecoin millionaire” Glauber Contessoto that he sees Dogecoin as “the individuals’s crypto,” and defined why he helps the cryptocurrency. Musk’s tweets about his pet canine Floki typically have Shiba Inu (SHIB) costs hovering however the billionaire Tesla CEO has now set the file straight, revealing he would not really personal any SHIB tokens, however Dogecoin (DOGE) does make it to his private portfolio. Musk was all reward for the unique memecoin on Twitter, clarifying that he helps Dogecoin as a result of “it felt just like the individuals’s crypto.” The movie star entrepreneur typically likes to maintain his crypto-related tweets quick and open to interpretation, however in a uncommon swap, Musk determined to elaborate on his funding calls.

Musk praised DOGE whereas replying to a tweet a couple of survey stating that almost 33 % of cryptocurrency homeowners within the US personal the crypto asset. “Plenty of individuals I talked to on the manufacturing strains at Tesla or constructing rockets at SpaceX personal Doge. They are not monetary consultants or Silicon Valley technologists. That is why I made a decision to assist Doge—it felt just like the individuals’s crypto,” Musk stated in a tweet.

Whereas the survey in query here’s a separate one, the metric does corroborate with findings from Australian analysis agency Finder who lately printed a research the place nearly 30 % of crypto holders within the US claimed to personal Dogecoin.

The Tesla and SpaceX CEO, in a very uncommon, conversational temper, additionally commented on potential interactions with the Doge improvement group and whether or not he had any hints on upcoming enhancements. “Not lately. What issues imo [in my opinion] is reducing charges, lowering block time & growing block dimension. A single layer community with exchanges as de facto layer 2 looks as if the only resolution for a medium of trade,” Musk stated.

Dogecoin co-creator Billy Markus was fast to reply to this tweet by Musk. “Imo [in my opinion] dogecoin being quick, scalable, and cheap to ship round is all it must be, it would not should be one more blockchain that hosts NFTs or different tokens or regardless of the tech to get there’s advanced, however that utility is straightforward and wanted—magnificence in simplicity,” Markus stated.

The collection of tweets from Musk got here shortly after he had confirmed that he at the moment holds solely three cryptocurrencies — Bitcoin, Ether, and Dogecoin.

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