Tesla (NASDAQ:TSLA) CEO Elon Musk has voiced his assist for Dogecoin (DOGE) only a month after providing skeptical remarks relating to the most important cryptocurrency, Bitcoin (BTC).
Musk Publicly Endorses Dogecoin
Musk, who is a large fan of DOGE, declared his endorsement for the altcoin on March 3 via a tweet. However, his preliminary tweet was not really associated to crypto however was as an alternative a meme that he captioned “Dogs roc,” which was adopted by one other tweet stating “they have the best coin,” which was in reference to Dogecoin.
Interestingly, this isn’t the primary time Musk is expressing optimistic sentiment towards Dogecoin. In April final 12 months, the SpaceX and Tesla CEO tweeted that DOGE was his favourite crypto, indicating on the time that it was fairly cool.
Through collaborative efforts with Jackson Palmer, Dogecoin’s creator, Musk has been preventing in opposition to crypto scammers on Twitter. The famend tech entrepreneur was voted on Twitter to be the CEO of Dogecoin, coming forward of the likes of Litecoin creator Charlie Lee and Ethereum (ETH) co-founder Vitalik Buterin.
Dogecoin Mainly Used in Tipping Content Creators on Twitter
Dogecoin is an altcoin that forked from Litecoin on December 6, 2013, and it exhibits a resemblance to the Shiba Inu canine from the web meme “Doge,” which is its brand. Although the crypto token started as a joke, it expanded quick and gained traction within the crypto group, and by January of 2014, it had a market capitalization of $60 million. Currently, the coin ranks thirty third out of the highest 100 cryptocurrencies, with a market capitalization of $307 million.
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The coin is primarily used on Twitter and Reddit to tip content material creators and publishers for his or her creativity. The creators of Dogecoin meant it to have a better attraction within the crypto trade in comparison with the Bitcoin viewers.
Following the endorsement of the coin by Musk, DOGE has seen a surge in consideration.
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