The love affair between Elon Musk and Dogecoin is continuing. Despite falling crypto prices and a market that’s never appeared more uncertain, Musk has emerged in recent days to say Dogecoin is the only digital currency that’s truly worth anything and that the coin doesn’t take itself “too seriously.” He also praised its “transactional output.”
Elon Musk and Dogecoin: A Match Made in Digital Heaven
Musk has been much fairer to Doge than he has to assets like bitcoin, for example. About a year and a half ago, he shocked the world when he announced he was adding roughly $1.5 billion in BTC funds to Tesla’s balance sheet. Things also didn’t quite stop there when he said he would be allowing digital currency holders to purchase Tesla vehicles with their assets if they so wished. However, this didn’t last long given that Musk showed concerns about where bitcoin mining energy was coming from and how much of it was being used.
Because of this, just a few weeks after the initial announcement, Musk rescinded bitcoin holders’ opportunities to own electric vehicles. In addition, much of that initial $1.5 billion purchase has been sold off as Musk cannot condone the ongoing crypto price swings the market is enduring.
At the same time, Doge continues to strike chords with the billionaire entrepreneur. He stated in a recent interview:
I’m mainly supporting Doge, frankly, because I think Doge has the memes and dogs and it seems to have a sense of humor and doesn’t take itself too seriously.
He further stated that he thinks Doge could eventually “beat bitcoin hands down.” He said:
I think actually, weirdly, even though Doge was just designed to be like this ridiculous joke currency, the actual total transactional throughput capability of Doge is much higher than bitcoin.
Dogecoin initially began as a joke – a meme coin that used a cute little Shiba Inu dog as its mascot. For whatever reason, the coin really sang to a wide array of crypto investors out there who probably took it more seriously than what was intended. It has since risen beyond a market valuation of $1 billion, and while its price is nothing to shout about, the currency appears to make its way into several digital currency investors’ portfolios.
Not Everyone’s Happy
At the time of writing, Doge – along with several other digital assets – is suffering at the hands of ongoing volatility and the crypto crash that began roughly nine months ago. The price has fallen to new lows, and this has sparked a new class-action suit against Musk, with several traders saying they fell for his advertisements and promotions of the coin and invested what they clearly didn’t have on the speculative coin.
Musk defended himself by saying he never forced anyone to put their money into Doge.
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