On Tuesday, Elon Musk posted a ballot on his Twitter account asking his 53.9 million followers: ‘Would you like Tesla to just accept Doge?’
The “Dogefather” is as soon as once more placing certainly one of crypto’s hottest digital cash of the second entrance and centre on his Twitter feed.
On Tuesday, Elon Musk posted a ballot on his Twitter account asking his 53.9 million followers: “Would you like Tesla to just accept Doge?”
Would you like Tesla to just accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
The Twitter ballot comes simply days after the Tesla and SpaceX chief referred to as Dogecoin a “hustle” throughout his visitor host look on Saturday Night time Reside – a United States comedy sketch present.
That remark took the air out of a surprising rally in Dogecoin this 12 months that noticed the meme coin – recognized by its brand that includes a Shiba Inu canine face – rocket 13,000 p.c from January 1 to its all-time excessive of $0.69 final Wednesday.
One Dogecoin is at the moment value round $0.48, in keeping with CoinMarketCap.
Musk, a fervent supporter of cryptocurrencies, has this 12 months impressed massive market-moving swings within the value of digital cash, together with Dogecoin and Bitcoin.
In January, Bitcoin surged when he posted #bitcoin to his Twitter feed. His Midas crypto contact was unleased once more in February after Tesla disclosed in regulatory filings that it had bought $1.5bn of Bitcoin and that individuals may use the cryptocurrency to buy Teslas electrical automobiles.
Whereas Musk’s boosting of Bitcoin has been accompanied by severe strikes to hasten the world’s hottest cryptocurrency’s evolution in the direction of changing into a mainstream type of cost, his tweets on Dogecoin – which began as a joke – have been extra playful in nature.
There’s a huge distinction between the 2 cash. Since final fall, Bitcoin has hit a number of key milestones in the direction of changing into a mainstream type of cost and has garnered severe curiosity from heavy-hitting Wall Road traders who consider it is going to change world finance. Some additionally see it as a viable retailer of worth that may compete with gold.
There’s additionally a restrict on what number of Bitcoins will be created. That finite provide helps maintain long-term inflation in verify.
Dogecoin, against this, began as a joke in 2013. There isn’t any restrict on what number of Dogecoins will be created, and it’s hardly ever used as a type of cost.
In February, Musk posted that he had purchased Dogecoin for his son “so he is usually a toddler hodler” – crypto slang for “Maintain On For Expensive Life”, and acknowledging the acute volatility that could be a hallmark of crypto costs.
Musk has additionally anointed himself the “Dogefather”.
However he has injected some sobering danger evaluation into crypto tweets, telling his followers on Friday: “Cryptocurrency is promising, however please make investments with warning!”
The Tesla chief’s Tuesday ballot on Dogecoin obtained over 2.3 million responses to this point. On Saturday, Musk tweeted that the meme coin could be used to pay for a SpaceX mission to the moon subsequent 12 months.
SpaceX launching satellite tv for pc Doge-1 to the moon subsequent 12 months
– Mission paid for in Doge
– 1st crypto in house
– 1st meme in house
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021