Why Does Elon Musk Favour Dogecoin?
If you happen to have been around the block a few times when it comes to crypto, then you already likely know about Elon Musk’s favouritism when it comes to dogecoin.
In fact, even for those of you who aren’t involved within the industry, the chances are you may have heard about Elon Musk’s preference for dogecoin.
The whole ordeal has caused somewhat of a divide between the community, and it opens up the debate as to whether or not huge celebrities should be able to influence the markets of cryptocurrency.
This is due to the fact that many people believe it is unfair for a select few people to have such a drastic impact on so many people’s lives, and in reality, celebrities like Elon have the power to make one person a millionaire, while at the same time, bankrupting another.
Whatever your opinion may be on the subject, finding out the reasons why Elon Musk favours dogecoin can be of enormous benefit, and that is exactly what we are going to be discussing in this article.
In this article, we will be taking a look at why Elon Musk favours dogecoin over other cryptocurrencies, as well as discussing whether or not said reasons are good enough to warrant you getting involved.
“A Currency For The People”
Out of the many reasons why Elon loves dogecoin, perhaps the one that deserves the most attention is the fact that he commonly refers to dogecoin as a currency for the people.
This is because dogecoin is a decentralised peer-to-peer digital currency, and it also happens to be one of the few coins that don’t take themselves too seriously.
The whole reason why dogecoin was originally created in the first place was to be a satire of the crypto industry, being that everyone was taking the ordeal way too seriously and everyone seemed to have assumed they were caught up in the weightiest of business.
However, dogecoin is the complete opposite of this, and this just means that the public perception surrounding dogecoin is usually extremely positive when compared to some of the other coins out there.
Moreover, because of just how new crypto is and due to the fact that only a small minority of the population understands what it is, it can be somewhat daunting for beginners who are looking to take their first steps within the industry.
Although, dogecoin provides an excellent gateway into the market, and the cute dog image and the meme culture behind it tend to just make people feel more at home and not like they are entering some form of secret high-society.
He Loves A Good Joke
Perhaps the most peculiar reason why Elon chooses to secure Dogecoin assets instead of other coins is simply due to the fact that he loves a good joke.
Elon is certainly no beginner when it comes to memes and internet culture, and he has been seen to partake in internet culture himself on multiple occasions.
So, it only makes sense that Elon would back a coin that was originally made as a satire to show people that everyone tends to take crypto way too seriously, and pair that with the fact that dogecoin is named after a popular meme, then it just makes for a match made in heaven.
Out of all of the reasons why Elon loves dogecoin, this one is the one that takes most people by surprise, and it is a rarity to see such a high-profile celebrity who is willing to indulge in satire.
The Crypto Whale Theory
Unlike the first two reasons, the final point we are going to make is purely speculation.
There is a theory out there circulating that Elon is promoting doge because he is attempting to control the prices of both doge and other cryptos. Moreover, when you factor in that Elon has likely got a substantial holding in dogecoin himself, this is something that could have massive connotations.
Because of this, Elon has been dubbed as a “crypto whale”, which is a term used for someone who has a lot of capital invested in crypto who also tries to influence the market.
Like we said before, this is all just speculation. In reality, it is highly unlikely that these accusations are true, and even setting aside the legal or moral implications, Elon is so wealthy that trying to manipulate markets would just be a waste of time.
So, what is your opinion on Elon favouring dogecoin?
At first glance, the whole situation seems a little surreal.
Who would have thought just 5 years on from the rise of cryptocurrency there would be millions of people around the world all arguing whether or not a celebrity should be able to endorse a coin named after a meme, and not only that, but also that there happens to be millions of dollars at stake.
However, Elon loves dogecoin for way more reasons than it just being a funny meme, and in reality, dogecoin is a pretty good overall crypto coin that you will not want to overlook.