Tesla’s CEO Elon Musk, who does not use his own name on Twitter, has stated why he prefers Dogecoin (DOGE) to other cryptocurrencies. Musk had previously uploaded photographs of his puppy Shiba Inu on social media, which caused the price of Shiba Inu (SHIB), a cryptocurrency, to rise.
This also leads to the assumption that Musk holds a large number of Shiba Inu tokens, which is false. Musk has admitted that he does not own any shib tokens, but rather bitcoins.
“A lot of folks I’ve talked to in Tesla manufacturing lines or building rockets in SpaceX own Doge,” Musk tweeted in response to a tweet about Dogecoin, which is one of the most popular crypto assets in the US. They aren’t experts in finance or Silicon Valley.
“That’s why I choose to sponsor Doge – it’s like a human cryptocurrency,” Musk wrote in a tweet. “About a third of all US cryptocurrency holders have dogecoin,” according to a link shared on Twitter.
Elon Musk further stated that he does not own Shibu tokens, but rather has Bitcoin hash threads. I came across ASCI hash wires labeled “Bitcoin, Ethereum, and Doge” out of curiosity. That is all there is to it. Don’t bet on a farm with bitcoin, as I already stated. “The true worth is in creating products and providing services to others, not in money,” he stated on Twitter.
Billy Markus, the founder of Dogecoin, agreed with Musk and stated that Dogecoin is fast, scalable, and economical to ship. “It doesn’t have to be another blockchain that captures NFTs or other tokens, and the technology to get there is hard, but I think that service is clever. Both simple and significant are beauty and simplicity.”
Shiba Inu rose to become the world’s 11th most valuable cryptocurrency, but when Musk revealed he didn’t own a single Shiba, its market cap fell around $2 Bln.
Shiba Inu Price Chart – Source: CoinMarketCap