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Elon Musk says he will "fully support" Dogecoin under one condition

 (Image Via Sportskeeda)
(Image Via Sportskeeda)
ANALYST
Modified 15 Feb 2021
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Elon Musk has made a startling revelation regarding "Dogecoin" on Twitter. The billionaire entrepreneur, who owns Tesla and SpaceX, has revealed that he will fully support Dogecoin if major holders are willing to sell their shares.

Musk seems like an individual who enjoys disrupting norms. His recent bio change on Twitter led to Bitcoin surging to a staggering $44,000.

According to Musk, Dogecoin is a cryptocurrency for the people and not for major players in the cryptocurrency industry. Amid a surge in cryptocurrencies like Bitcoin and Ether, Dogecoin has surged over 659% this year alone.


Dogecoin is no joke

What started as a joke has since turned into a serious cryptocurrency. Dogecoin was launched as a reference to the "Doge" meme. Dogecoin even features the face of the Shiba Inu dog from the "Doge" meme as its logo.

Elon Musk recently helped the cryptocurrency surge by mentioning the word "Doge" in one of his recent tweets and buying some for his son.

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The billionaire seems to be on a mission to promote the newest kid on the block and help it grow.

One Twitter user even suggested that Musk should develop his own cryptocurrency.

Dogecoin has a long way to go before reaching anywhere close to the value of its competitors. For reference: one bitcoin equals $47,671.90, one Ether equals $1,781.22, while one Dogecoin is valued at a mere $0.056.


What does the future hold?

From the way things are looking, Dogecoin may turn out to be another "WallStreetBets" gamble in the making. Recently, a subreddit named "WallStreetBets" went to war with Wall Street by hurting short-sellers.

The group helped the price of GameStop stock surge, which cost hedge funds and short-sellers over $70 billion in losses.

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Dogecoin seems to be heading up in value, just like the stocks of GameStop. At the moment, the value and price of the cryptocurrency is being influenced by one individual.

It's unclear how things will play out and whether major holders will be willing to sell. There are other giants in the world of cryptocurrency who can easily rival Dogecoin if it ever reaches a high valuation.

Published 15 Feb 2021, 19:17 IST
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