Elon Musk Says Dogecoin (DOGE) Has Potential

After shaking the twittosphere by announcing the withdrawal of his buyout offer from the social platform, Elon Musk went to it to talk about his favorite cryptocurrency: dogecoin. During an exchange with Billy Markus, the co-founder of the memecoin, the CEO of Tesla said that the asset has real potential as a currency. Details in the following.

Musk’s tips for people’s cryptocurrency

Accustomed to laudatory outings on the dogecoin, Elon Musk has thus regularly contributed to increasing the value of the memecoin. A year ago, he had no hesitation in call it the people’s cryptocurrency due to its employees’ interest in memecoin. ” Many people I have spoken to on the production lines at Tesla or who are building rockets at SpaceX own DOGEs. They are not financial experts or Silicon Valley technologists. This is the reason why I decided to support Dogecoin, which seems to me to be the crypto of the people “, did he declare.

Last Friday, the CEO of Tesla made a point of replying to a tweet from Billy Markus in which he was delighted that something as stupid as dogecoin could be successful. Musk then reacted by adding that the memecoin has the potential to establish itself as a currency in the long term. To this effect, he has already suggested some modifications to the DOGE development team to improve the performance of the memecoin. Elon Musk recommended in particular that they focus on “ reducing fees, decreasing block formation time and increasing block size of dogecoin.

The whales cling to the DOGE

Elon Musk and Billy Markus are not the only ones who believe in the potential of memecoin, as the latter still has the support of big investors in the crypto market. According to data recently published by IntoTheBlock, 66% of DOGE’s total holdings are held by whales, which accumulate more than 1% of the circulating supply. According to the results of a study conducted by WhaleStats, dogecoin is also one of the most used assets among the top 500 whales on the Binance Smart Chain.

Despite the words of the CEO of Tesla, it is essential that dogecoin quickly gain utility if it hopes to establish itself as the cryptocurrency of the people and as a currency. To this effect, Billy Markus urged memecoin holders to regularly use the asset for tipping to boost its usage.

Source: BeInCrypto

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Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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