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Elon Musk’s Love For Dogecoin Finally Revealed!

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Dogecoin advocate Elon Musk has once again proclaimed his support for the meme coin at the Qatar Economic Forum in Doha on 21 June.

In the highly televised event, Musk who appeared virtually talked about cryptocurrencies in general with Bloomberg News Editor-in-Chief John Micklethwait.

When asked about DOGE, the tech billionaire said that his preference for the asset continues to grow stronger after receiving encouragement from people of all walks of life, including his employees.

I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people. Just people when I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing so.

The CEO of Tesla Inc. and SpaceX has often pumped Dogecoin, a cryptocurrency created as a joke in 2013, with his Twitter musings. Recently Musk noted that Tesla accepts Doge as payment for merchandise and reiterated that SpaceX will be doing the same soon.

Meanwhile, critics slammed the token comparing it to a pyramid scheme, an allegation that did not go down well with DOGE co-creator Billy Markus.

Markus posted a tweet saying “if dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, the housing market, commodities market, and monetary system itself. cryptocurrency itself is just a protocol and a shared database”

Some proponents felt that the recent market crash provided a perfect opportunity for naysayers to bash the coin.

Dogecoin is Pumping

Last week, a frustrated investor based in the US filed litigation against Elon Musk and his firms- Tesla, and SpaceX for $258 billion alleging the CEO of operating an ‘illegal racketeering’ network to inflate the price of the asset.

Plaintiff Keith Johnson claimed that he and others in the class-action have lost nearly $86 billion between May 2021 and June 2022 and demanded that figure in monetary damages in addition to $172 billion.

On the price front, DOGE is showing some promising upswings. In just 3 days, the 10th-ranked coin surged by over 43%. At press time, it is trading at $0.066, an 11% rise over the daily index.

Dogecoin co-founder states the obvious yet again

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On his official Twitter account, one of the Dogecoin project’s founders sent a crucial reminder regarding his affiliation to the cryptocurrency in its current incarnation.

Billy Markus stated in his post that he is no longer working on Dogecoin. Despite being one of DOGE’s most prominent ambassadors, he left the meme-currency seven and a half years ago and has no plans to return.

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Source: Twitter

Though some people disagree with his move, his goal is to demonstrate what true decentralization is. Even thoughthe fact that the meme coin’s environment is not the most technically proficient in the market, it is still under continuous development.

“Shibetoshi Nakamoto” has also spoken on the cryptocurrency market’s definition, humorously portraying it as a mix of “hopium,” “fomo,” fear, and other circulating phenomena. He also mentioned that studying human nature in relation to money is fascinating.

Despite his distance from the project’s core, Markus feels that the DOGE ecosystem benefits from the speculation that surrounds it. He also stated that the meme token team’s primary focus in the present and future should be on utility.

Markus has often told his subscribers that he is unconcerned about the price of Dogecoin. The community’s anger stems from the fact that DOGE has lost more than 85% of its value since its all-time high.

Dogecoin’s new plan to go bullish

Dogecoin, the first memecoin to hit the cryptocurrency market, offers a tip for intraday traders in the form of a symmetrical triangular formation, which might propel DOGE higher if it plays out in favour of bulls.

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Source: trading view official website

A symmetrical triangle is considered a bullish pattern by traders since it usually leads in an upward breakout. However, traders should not overlook the likelihood of a bearish situation in which an asset violates the pattern’s lower border and accelerates downhill.

However, DOGE is more actively probing the formation’s lower border, implying a short-term decline rather than an upward rally. At the time of writing, Dogecoin (DOGE) was priced at $0.08714 with a surprising daily rise of 2.59% according to data from Coin Market Cap.

Dogecoin co-founder condemns Shiba Inu Metaverse

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In a series of recent tweets, Dogecoin co-founder Billy Markus took a dig at Shiba Inu’s metaverse initiative. The Shiba Inu [SHIB] tribe was overjoyed when ‘SHIB: The Metaverse’ was announced. This virtual world is intended to have 100,595 plots of land and four distinct districts. For its native tokens, the network has even launched its own website.

Shiba Inu has given further information on its metaverse project, which was first unveiled in February. More than 10,000 land plots will be available during the initial phase of the implementation. According to the team, Ethereum (ETH) was chosen for pricing since it is a neutral cryptocurrency.

While this initiative was being commemorated by the Shib Army, the software developer, who rose to stardom on Twitter as a result of his frequent engagements with Tesla CEO Elon Musk, says that selling fictitious land with Ethereum will not improve the cryptocurrency’s utility.

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The development of the Metaverse will be impossible to prevent. Many people believe that the metaverse is the way of the future, with almost every major organization entering the digital domain. The community is questioning if Markus is into the metaverse after seeing the aforementioned tweet from the Dogecoin co-founder.

Markus says that the metaverse initiative is nothing more than a cash grab for developers looking to increase their profits. He projected that selling fictitious land may net them $300 million. The Shiba Inu team’s concept to allow landowners to generate passive income may be frowned upon by securities regulators, according to the Dogecoin co-founder.

Markus states in a follow-up thread that watching “scammers” gain millions with cryptocurrency makes him “salty.”

Dogecoin co-founder comes with a fix

Markus educated Shiba Inu devs on what should be done after criticizing Shiba Inu devs for pocketing money from the impending project. He recommended that developers who are currently working on the network create projects that benefit Shiba Inu rather than themselves. He further added,

“i want to stress again that it’s much less about the money and much much more about the incredible amount of assholes and scammers in this space, and how many of them are getting well rewarded for it.”

Meanwhile, renowned cryptocurrency expert Alex Krüger says that metaverse land is overhyped and overvalued because of its endless production capacity. At the time of press, Dogecoin (DOGE) and Shiba Inu (SHIB) seemed bullish in the market with a price of $0.1467 and $0.00002772 respectively.

Tesla Takes DOGE Payments Mainstream as Musk Builds Hype

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It is now official that Tesla accepts Dogecoin (DOGE) payments for some of its merchandise. Not very long ago did Elon Musk tweet about his company accepting the famous meme coin, after which things were kept very low-key. Now, the cat is out of the bag.

Earlier this week Twitter user had confirmed the payment mode, among other modes of payment, on his Twitter handle. Although there was a huge tide of speculation, the token’s followers awaited an official confirmation from the company itself. Today, Elon Musk and Billy Markus, the founder of Dogecoin (DOGE) took to Twitter to announce that the American-based company is now accepting the meme token as payments. Musk’s tweet read,

“Tesla merch buyable with Dogecoin”

Tesla’s Electric cars not in exchange for Dogecoin

There was a bunch of merchandise listed in exchange for DOGE, but the electric cars weren’t one of them. Nonetheless, people were allowed to purchase Cyberquad bikes for kids, Giga Texas Belt Buckle, and Cyberwhistles with the altcoin.

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Dogecoin co-founder states the obvious yet again 6
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Dogecoin co-founder states the obvious yet again 7

The company put out a support page exclusively for Dogecoin inquiries. The page guides buyers on how to purchase with the altcoin. The Dogecoin network will be charging network fees every time a payment is made using the token.

The company has ensured to bring to the notice of the purchasers that any merchandise bought with DOGE as payment cannot be canceled once the order is placed. There is also a strict no-return policy in place when a product is bought using Dogecoin. To sum it up, the company has presented a draconian policy regarding all purchases through the altcoin and called it a ‘final sale’ with no return, no cancellation, and no exchange of products.

Furthermore, it has been made very clear that Tesla only accepts Dogecoin. The company asserts that it cannot receive or detect any other cryptocurrency. A disclaimer regarding the use of any other form of digital asset has been clarified on the support page.

With this news like a gust of wind, Dogecoin (DOGE) price seems to be soaring high. At the time of writing, Dogecoin (DOGE) was priced at $0.1965 with a an escalation of 13.26% over the last 24 hours.