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Dogecoin has unofficially become Elon Musk's cryptocurrency

 (Image Via Sportskeeda)
(Image Via Sportskeeda)
ANALYST
Modified 22 Feb 2021
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Elon Musk seems to be on a one-man mission to raise the value of the cryptocurrency known as Dogecoin.

The cryptocurrency was introduced in 2013 but didn't seem to gain much traction until recently. It was created in the spitting image of the "Doge" meme.

Dogecoin features the image of a Shiba Inu dog from the "Doge" meme as its logo. The billionaire seems to be a huge fan of the dogecoin and has regularly tweeted in favor of the cryptocurrency.

It's safe to assume that Elon Musk has unofficially adopted Dogecoin. He is now molding the cryptocurrency to reach its full potential, following his tweet regarding the cryptocurrency's recent jump in value.

In his most recent tweet, Musk mentioned the word "Dojo," which refers to the supercomputer owned by Tesla. It is used to train the neural network of Tesla's self-driving car.

Dojo will be able to receive data from Tesla's vehicles on the road and will help label them, according to reports. The software will be able to utilize data from thousands of cars to help in the progression of the AI system.

At the moment, most of the data is verified by humans as the supercomputer is not quite ready to be deployed.


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Elon Musk has a condition for Dogecoin holders

Last week, Elon Musk made a shocking comment when he tweeted that he would fully support dogecoin on the condition that major holders sell their shares. He believes that Dogecoin is a cryptocurrency of the people and should remain that way.

He stressed that the bulk of Dogecoins were being concentrated in the virtual wallets of a handful of people. Owing to the low cost of cryptocurrency, Elon Musk believes that it should belong to people rather than major players in the world of crypto-trading.

Amidst the current surge in cryptocurrencies like Bitcoin and Ether, Dogecoin has surged over 659% this year alone. Experts suggest that the value of Dogecoin may reach $1 by the end of 2021.

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What else is Musk up to?

Besides tweeting every now and then, Elon Musk has been a busy entrepreneur. In a series of tweets, Musk disclosed that Tesla's Model S came with an in-built gaming rig that will play games such as Cyberpunk 2077.

His company, Neuralink, has also successfully managed to implant a chip into a monkey's brain. This will allow the primate to play videogames using only the mind. He made this statement on the same:

"We've already got a monkey with a wireless implant in their skull, and the tiny wires, who can play video games using his mind. He’s not uncomfortable, and he doesn’t look weird. And you can’t even see where the neural implant went in. He’s a happy monkey.”

Many cryptocurrency experts believe that his tweets could create another volatile situation like GameStop.

Published 22 Feb 2021, 17:45 IST
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