Elon Musk Says Dogecoin Is ‘People’s Crypto’, Snubs Shiba Inu Momentum


Elon Musk tweeted in response to “Dogecoin millionaire” Glauber Contesto that he views Dogecoin as “the people’s crypto” and explained why he supports the cryptocurrency. Musk’s tweets about his pet dog Floki usually drive up Shiba Inu (SHIB) prices, but the billionaire Tesla CEO has now set the record straight, revealing that he actually has no SHIB tokens. No, but Dogecoin (DOGE) it is your personal portfolio. Musk was all praise for the original Memecoin on Twitter, clarifying that he supports Dogecoin because “it makes people feel like crypto.” Celebrity entrepreneurs usually like to keep their crypto-related tweets short and open to interpretation, but in a rare switch, Musk decided to elaborate on his investment calls.

Musk responded to a tweet about a survey praising DOGE, saying that about 33 percent cryptocurrency Owners in the US are the owners of crypto assets. Musk said, “I talked to a lot of people who build rockets on the production line at Tesla or at SpaceX’s own Doge. They’re not financial experts or Silicon Valley technologists. So I decided to support Doge—this people.” Key felt like crypto,” Musk said in a tweet.

While the survey in question here is a different one, the metric corroborates with findings from Australian research firm Finder who recently published a study Where about 30 percent of crypto holders in the US claim themselves dogecoin.

Tesla and SpaceX CEOs, in a particularly rare, conversational mood, also commented on potential conversations with the Doge development team and whether they had any pointers on upcoming improvements. “Not recently. What matters imo [in my opinion] Reducing fees, reducing block times and increasing block sizes. A single layer network with exchanges as the actual Layer 2 seems like the simplest solution for a medium of exchange,” Musk said.

Dogecoin co-creator Billy Marcus quickly responded to this tweet musk. “emo [in my opinion] Dogecoin being fast, scalable and cheap to send it doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever technology is too complex to get there, but that Utility is simple and need is—beauty in simplicity,” said Marcus.

Musk’s series of tweets came shortly after he confirmed that he currently only has three cryptocurrencies – Bitcoin, ether, and Dogecoin.