Tesla and SpaceX chief executive officer Elon Musk expresses support to Dogecoin, saying that many people he communicates with at both his companies own Dogecoin, even if they aren’t financial experts or Silicon Valley scientists.
Musk and the Dogecoin community
The Doge community welcomes Musk’s comment and support. It asserts that most of its members do not come from wealthy families and cannot relate to Silicon Valley professionals. According to Glauber Contessoto, a Dogecoin owner, they want to trust a cryptocurrency that represents everyone.
Musk also responded to Contessoto’s tweet, which linked to a survey indicating that roughly a third of cryptocurrency investors in the United States own the meme coin. Based on a study done by the price comparison website Finder, the United States has the highest Dogecoin owners in any country.
The survey also noted that Dogecoin is the most widely used cryptocurrency in the U.S., with more than 30% of cryptocurrency owners claiming to own it. The usage is 1.6 times the global average adoption rate of 19.2%.
Dogecoin’s price has increased 11.31% in the previous week, statistics from Bitcoin.com Markets shows, with DOGE currently trading at $0.2664.
Why are cryptocurrency traders looking up to Elon Musk?
Musk has previously indicated that he owns three cryptocurrencies: bitcoin, ether, and Dogecoin. On Sunday, he clarified that he did not possess any Shiba Inu tokens and tweeted significant Dogecoin updates.
Musk and Shark Tank’s Mark Cuban agreed in August that Dogecoin is the “strongest” cryptocurrency for payment purposes.
According to Morgan Stanley analysts, the 50-year-old SpaceX CEO is on track to become the world’s first trillionaire through his unceasing accumulation of wealth.
Musk responded to this fact by stating his desire to become a Dogecoin trillionaire, shared by the Uber Facts Twitter account. As a result, Dogecoin’s value surged yet again.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/bitcoin/dogecoins-appeal-grows-after-elon-musk-expressed-support-for-the-crypto/- 11
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