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Why does Elon Musk think that Dogecoin still has potential?

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The CEO of Tesla and multi-billionaire tweeted while saying to Dogecoin co-founder Billy Markus that memecoin has potential as currency

Co-founder of popular and first meme currency Dogecoin, Billy Markus, said that he enjoys it when he sees something stupid like the cryptocurrency he created as a joke could also have such utilities and become so successful. While having a conversation with Elon Musk in 2021 on Twitter, the programmer noted that meme cryptocurrency had fast speed, was scalable, and was cheap to send around; that is how it needed to be. 

Markus has also emphasized that the meme coin did not intend to become yet another blockchain network that hosts other nonfungible tokens. As per the data, recently, Dogecoin has made gains of around 22% in the past 24 hours, which is quite impressive to see after the harsh slump in the crypto market that saw a slight recovery. However, the data recorded on Friday recorded that the global crypto market capitalization is still close to around $1.3 million. This cumulative figure has a market cap of approximately $12 billion for Dogecoin (DOGE). 

The multi-billionaire entrepreneur and CEO of Tesla and SpaceX called the Dogecoin (DOGE) the people’s crypto that positively impacted the market price. Musk previously said that many people he talked to who were working at the Tesla production lines or those building the rockets at SpaceX they own DOGE. He said that they are not some financial experts or technologists in Silicon Valley. Musk said that was why he decided to support Dogecoin, which felt like the people’s crypto. 

Musk also said that the vision of meme coin, which is to be seen through the DOGE development team, should have focused on issues like lowering fees, decreasing the time taken in block completion, and increasing the block size. While sharing the sentiments of Musk, Dogecoin’s co-founder also agreed that the cryptocurrency should indulge in self-promotion as a genuine digital currency. 

Billy Markus has argued previously that the success behind Dogecoin is predicated upon the use cases and utilities that come after its use and acceptance and showing the benefits to others to do so. As per the research by IntoTheBlock, about 66% of total holdings of Dogecoin are occupied by the whales that accumulate by more than 1% of the total circulating supply. 

ALSO READ: How To Trade Bitcoin in Dubai in 2022

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