Elon Musk said Dogecoin felt like the ‘people’s crypto’ to him after he put pressure to sell Shiba Inu with just one word
In a recent tweet, centibillionaire Elon Musk spoke about his support for Dogecoin, describing it as “people’s crypto.”
Musk explains that he views the coin this way because a lot of people who work for Tesla and SpaceX own it:
They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it was like people’s crypto.
In early May, when Dogecoin was on the cusp of hitting its current all-time high of $0.73, Musk agreed that the joke cryptocurrency was his “private stimulus” for people affected by the crisis.
Recently, he again emphasized the importance of scaling Dogecoin to eliminate the need for Layer 2 solutions like the Lightning Network:
Bitcoin was conceived at a time of relatively low bandwidth & high latency. If both continue to improve dramatically, we’ll reach a point where no second coat is needed.
Yet, the businessman’s recent attempts to boost Dogecoin have failed since the canine coin is still 63% away from its lifetime peak.
Gather the “SHIB Army”
Shiba Inu hit new highs on October 24, stealing thunder from Dogecoin due to overwhelming interest from retailers. The second-biggest canine managed to surpass Ether by trading volume, becoming the third most traded cryptocurrency.
However, Musk managed to put an end to the monstrous rally with just one tweet. When a member of the “SHIB Army” asked the business magnate how many Shiba Inu tokens he owns, he succinctly tweeted, “None.”
The somewhat curt response caused the price of the Shiba Inu cryptocurrency to drop 14%, infuriating the community. The price of the “Dogecoin killer” has now recovered back above the $0.00004 price level, quickly shrugging off Musk’s snub.
“Don’t bet the farm on crypto”
Musk also urged crypto holders not to bet all of their money on crypto, saying the real value is in product creation.
He claims that he had bought Bitcoin, Ether and Dogecoin “out of curiosity,” downplaying the importance of his investment.
As reported by U.Today, Tesla and SpaceX also hold the largest cryptocurrency on their balance sheets.
