- DOGE is dubbed the “people’s crypto” by Musk.
- According to surveys, a third of cryptocurrency owners in the United States own Dogecoin.
- However, Musk has had no recent interactions with the Doge development team.
In reaction to “Dogecoin millionaire” Glauber Contessoto, Elon Musk tweeted that he sees Dogecoin as “the people’s crypto” and stated why he supports it.
Musk’s comments about his beloved dog Floki have caused Shiba Inu (SHIB) prices to skyrocket, but the billionaire Tesla CEO has since clarified that he doesn’t hold any SHIB tokens, although Dogecoin (DOGE) does make it into his personal portfolio.
On Twitter, Musk gushed about the original memecoin, emphasising that he backs it because “it felt like the people’s crypto.”
Musk usually keeps his crypto-related tweets short and left to interpretation, but in a rare turn of events, he opted to elaborate on his investing calls.
While responding to a tweet about a survey claiming that over 33% of cryptocurrency users in the United States held DOGE, Musk praised the crypto asset.
“Many of the workers I spoke with on Tesla’s assembly lines or at SpaceX’s rocket factory possess Doge. They aren’t financial professionals or techies from Silicon Valley. That’s why I chose to back Doge—it seemed like the people’s cryptocurrency “In a tweet, Musk stated.
MUSK HOLDS NO SHIBA INU
While this is a distinct poll, the statistic does align with data from Australian research firm Finder, which recently conducted a study in which over 30% of crypto holders in the United States claimed to own Dogecoin.
Musk mocked one of the Twitter user under the name Shiba Inu in a tweet by replying “he hasn’t invested in Shiba Inu”, when asked how many shiba inu coins he holds
Musk also stated that he does not own any Shibu tokens, but rather hash strings known as Bitcoin. “I acquired some ascii hash strings called “Bitcoin, Ethereum, & Doge” out of curiosity. That’s why I decided to support Doge—it felt like the people’s crypto,” Musk wrote in a tweet.
Billy Markus, the creator of Dogecoin, agreed with Musk and stated that Dogecoin is fast, scalable, and economical to transmit around.
“In my opinion, dogecoin only needs to be quick, scalable, and cheap to transmit around; it doesn’t need to be another another blockchain that hosts NFTs or other tokens or whatever the tech to get there is complicated, but the utility is simple and essential – beauty in simplicity.”
Shiba Inu rose to become the world’s 11th largest cryptocurrency before plummeting to 13th place after Musk revealed that he doesn’t own a single Shiba.
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