In the last few months, Elon Musk has been quite vocal about his preference for Dogecoin as a great option for investment over other stocks or digital currencies. On several previous occasions, Elon Musk on Dogecoin, has, directly and indirectly, asked investors to invest their money in the digital currency that was launched as a meme coin. Let us have a look at some of the Dogecoin news.
Elon Musk On Dogecoin: What He Has To Say?
On one of such similar occasions, Musk has shared a piece of advice for the investors of Dogecoin. Reverting to a tweet by founding partner at West Coast Holdings, Bill Lee, Elon Musk on Dogecoin, in just word, pointed out his hopes from the virtual asset. Lee who also has investments in firms that Musk owns, said, “Not your keys, not your crypto,” replying to a tweet that suggested the concept of a Dogecoin Metaverse gateway, MyDogeWallet, that could crucially decrease the dependence on digital currency trading platforms like Robinhood and Binance.
A user of Twitter who has a Twitter handle @MyDogeCTO said,
“The core focus of the @MyDogeOfficial vision is to break the dependence on CEXs like binance and Robinhood and let #shibes take custody of their own coins!”
In reply to that, Lee said,
“Not your keys, not your crypto.”
Soon after that, Musk followed suit and reverted back to Lee in just one word –
However, the Tesla CEO did not clarify this topic any further. He is the Dogecoin, Elon Musk Tweet.
Musk, who asserts to have never sold digital currencies that are stored in his portfolio, had pointed out before that he does not like how digital currency exchanges manage digital coins which are owned by retail investors. On the contrary, he has stayed a firm supporter and believer of digital currencies, especially Dogecoin. There have been many instances of Elon Musk on Dogecoin and he is highly influential in the crypto space.
What Is Dogecoin?
Dogecoin whose token name is DOGE is a P2P (peer-to-peer), open-source digital currency. It is thought to be an altcoin and a sarcastic meme coin. This crypto was released in December 2013, and it has the image of a Shiba Inu dog as its coin logo.
While it was designed seemingly as a meme, the blockchain of Dogecoin still holds a merit. The underlying technology of this crypto is obtained from Litecoin. Important features of this crypto, including its uses of a script algorithm, are its low value along with its unlimited supply. At the time of writing this, the Dogecoin price in India is 16.24 INR.
The Bottom Line
There have been many instances of Elon Musk on Dogecoin and he is highly influential in the crypto space. Elon Musk Dogecoin price prediction is something worth paying attention to. Recently through his Twitter handle, he shared a piece of advice influencing investors to invest in this meme coin. Dogecoin which was initially launched as a meme coin has now gained immense popularity in the crypto space.