Elon Musk reveals the reason for his support for Dogecoin

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Elon Musk tweeted in response to “Dogecoin millionaire” Glauber Contessoto that he considered Dogecoin “the people’s crypto”, and explained why he supports cryptocurrency. Musk’s tweets about his pet dog Floki usually push up the prices of the Shiba Inu (SHIB), but billionaire Tesla’s CEO has now set the record straight, revealing that he actually doesn’t own any SHIB tokens, but Dogecoin (DOGE) returns it to his personal wallet account. Musk praised the original memecoin on Twitter, clarifying that he supported Dogecoin because “it was like people’s crypto.” The famous entrepreneur generally likes to keep his crypto-related tweets short and open to interpretation, but in a rare change, Musk decided to expand his investment calls.

Musk praised DOGE when responding to a tweet about a survey indicating that nearly 33% of cryptocurrency owners in the United States own the crypto asset. “A lot of people I’ve spoken to on Tesla’s production lines or rocket building at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I have decided to back Doge, it was like people’s crypto, ”Musk said. in a tweet.

While the survey in question here is separate, the metric corroborates the findings of Australian research firm Finder, which recently published a study in which nearly 30% of crypto holders in the United States claimed to own Dogecoin.

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The CEO of Tesla and SpaceX, in a particularly rare conversational mood, also commented on potential interactions with the Doge development team and if he had any clues about any improvements to come. “Not recently. What matters to me [in my opinion] reduces costs, decreases block time and increases block size. A single layer network with exchanges as a de facto Layer 2 seems to be the simplest solution for a medium of exchange, ”Musk said.

Dogecoin co-creator Billy Markus was quick to respond to this tweet from Musk. “Me [in my opinion] dogecoin being fast, scalable, and inexpensive to send is all it needs, it doesn’t have to be yet another blockchain that hosts NFTs or other tokens or any other technology to make it happen is complex, but this utility is simple and necessary, beauty in simplicity, ”said Markus.

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Musk’s series of tweets came shortly after he confirmed that he currently only holds three cryptocurrencies – Bitcoin, Ether, and Dogecoin.

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