Elon Musk said Dogecoin Still Has Potential as a Currency

On May 13, Tesla CEO Elon Musk told Dogecoin co-founder Billy Marcus on twitter that the project has potential as a currency.

“I like stupid things that can be practical and successful,” Marcus said. In a twitter conversation with musk in 2021, the American programmer also pointed out that Dogecoin is “a fast, scalable and cheap way to send”, which is “what it needs”. Marcus also stressed that the memo token does not need to be another blockchain protocol carrying other NFT tokens.

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Will Musk’s Endorsement Raise the Price?

In the past 24 hours, Dogecoin has gained about 22% on coingecko as the weak cryptocurrency market tries to recover slightly. However, as of Friday, the global cryptocurrency market value was still close to $1.3 trillion, and Doge contributed more than $12 billion to this cumulative figure.

The same was true in the past. The CEO of SpaceX once called Doge “people’s cryptocurrency”, which had a positive impact on its market price.

“Many of the people I build rockets on Tesla’s production line or SpaceX have Doge. They’re not financial experts or silicon valley technologists. That’s why I decided to support Doge – it feels like people’s cryptocurrency,” Musk said earlier.

In order to see through the vision of this commemorative coin, musk also said that the doge development team should focus on “reducing costs, reducing block time and increasing block size”. Like musk, Marcus agrees that Dogecoin should promote itself as a real digital currency.

The co-founder of the commemorative coin had previously believed that Dogecoin’s success was premised on the effectiveness of “using it, accepting it and showing others the benefits of doing so”.

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Whales Stick to Doge

According to intotheblock, 66% of the total holdings of commemorative coins are whales, which have accumulated more than 1% of the circulation supply. From the research report released by whalestats on May 9, Dogecoin is also one of the most used smart contracts among the top 500 whales in BSC.

Currently, Doge remains within the 24-hour price range of US $0.076710 and US $0.094166. 53% of Doge holders make money at the current price level, while 3% are in balance.