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How Elon Musk strengthened Dogecoin’s long-term value

How Elon Musk strengthened Dogecoin’s long-term value

Dogecoin has one of the most unique paths in the crypto industry. The top cryptocurrencies will always involve Bitcoin and Ethereum, but most people are surprised when they see Dogecoin reaching that level nowadays. 

Dogecoin has unique origins because it wasn’t supposed to be a top cryptocurrency. It was initially made to be a joke that ridiculed people’s misguided distrust of cryptocurrencies. Now, the ‘meme coin’ is enjoying its time in the limelight as one of the top cryptocurrencies in the world.

The cryptocurrency has received passionate support from crypto brokers UAE over the years, but the biggest supporter is billionaire tech mogul Elon Musk. He is known for being the CEO of both Tesla and SpaceX, which are seen as the biggest innovators in their respective industries. 

Its growth has been gradual since there are businesses and sites that accept the meme coin as a payment method, just like how Dogecoin accepted at Bitcasino.io. It is one of the most promising cryptocurrencies, and it can reach the same level of popularity as Bitcoin and Ethereum in the future. 

Musk believes Dogecoin is better for transactions than Bitcoin

Musk has been on the record to talk about why he believes that Dogecoin can become a better everyday currency than Bitcoin. That is a huge claim, but he does bring up some points regarding Dogecoin and its potential to be a better overall cryptocurrency in the future.

The tech mogul has been supportive over the years for Dogecoin, but he publicly announced his support on Twitter in 2021. That was huge for Dogecoin because it was a meme coin, but it showed that one of the richest people in the world loves this cryptocurrency. Since the crypto market has been trending upwards, Dogecoin immediately followed that trend because of Musk’s support.

Musk’s influence is bigger than you think

Tech moguls are respected in the financial markets because they have done work to separate themselves from the rest of the pack by releasing products and offering services that others haven’t done. It shouldn’t be a surprise that they have earned loads of money with their work and people want to follow in their footsteps. 

Musk is not just a tech mogul, but he has been ingrained in popular culture for a long while now. You can expect him to be a strong name in the mainstream media. If his support for Dogecoin reaches people from all over the world, you can expect more people to keep up by investing. 

There are certain groups of people who do not know Musk, but when it comes to the mainstream, he is a huge figure. This means that he can influence people. Since he is rich, you can expect people to follow his advice because they see him as a reliable example.

Musk believes that Dogecoin’s lack of scarcity is promising

When you look at Dogecoin’s model, you can see that its lack of scarcity and boundless value has a big effect on its value. Since it is boundless, people see Dogecoin’s extreme potential to become a regular part of daily life in the future.

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It’s safe to say that Musk had a huge impact on Dogecoin. You should expect this to pop up from time to time because Musk is a huge figure who has made Dogecoin mainstream all around the world. You can even see Dogecoin accepted at Bitcasino.io, among other platforms. 

 

 

Image used:

JD Lasica from Pleasanton, CA, US, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons