Elon Musk has been known for his occasional Twitter blast. Amusing, insightful and often inspiring, his Twitters have not been free of some good-natured ribbing. The man has played with public sentiments like few others have done before him, particularly when it comes to Dogecoin.
Elon Musk has been tweeting about Dogecoin, the meme cryptocurrency that reached a staggering $9bn market cap valuation on little more than a good punch line. And, if you think there's nothing surprising in that, just ask the currency's creators Billy Markus and Jackson Palmer who have ZERO idea how it got there.
However, for anyone who is familiar with Musk's Twitter antics, part of the currency's rise is predicated on his engagement with it. Musk has been tweeting actively about Dogecoin since at least 2020.
His one-liners were as cryptic as they were humorous with messages along the lines of “Dogecoin is the future”, simply “Dogecoin”, and the somewhat sillier “D is for Dogecoin”. Throughout this tweeting, Musk has been cultivating a fair base of followers who have been cautiously optimistic about the currency's future.
Doge started at $0.014 at the beginning of the year, and look at it now, it's worth $0.056, albeit this growth is not really based on any technical application or investment utility like Bitcoin's is.
In fact, to comprehend just how volatile and unreliable Doge is, consider the fact that on Monday this week, Musk argued that Doge was controlled “unequally” with too few addresses owning too much of the coin.
That led to an immediate 23% slump in value that angered some Twitter users, mostly because it seemed at the time that Musk would be disinclined to invest more unless something changed. Now, it's important to understand that Musk never really meant his support of Doge as anything more than a joke.
Then again, should the coin's creators find a way to consolidate its standing, he would not say no to it. While development interest is up,though, there are many features of the Doge that make it inferior to more established currencies, such as Ethereum and Bitcoin.
For starters, just consider the fact that Musk is up for being paid in Bitcoin, not Dogecoin. So, what's next for Dogecoin?
