Billionaire Elon Musk tweeted on May 13, in response to the Dogecoin creator, that the cryptocurrency DOGE has the potential to become a fiat currency. With Elon Musk’s tweet and the recovery mood in the market, the DOGE price jumped. Here are the details…
Elon Musk came up with his new DOGE tweet
IBM software engineer Billy Markus is the co-creator of Dogecoin with Adobe software engineer Jackson Palmer. The reason they created Dogecoin was because it was a peer-to-peer cryptocurrency that could reach a wider demographic than Bitcoin. Elon Musk, who is also an advocate of other meme tokens like Bitcoin and Shiba Inu, sees this potential in Dogecoin. Tesla CEO Elon Musk reiterated his support for Dogecoin, claiming it has the potential to become a currency in a recent tweet.
It has potential as a currency
— Elon Musk (@elonmusk) May 12, 2022
Kriptokoin.com Musk previously said in an interview, “Fate loves irony. Dogecoin was originally invented as a joke to make fun of the cryptocurrency. What would be the most ironic outcome? The currency that started out as a joke is actually becoming the real currency,” he said. In an interview with Time Magazine, Musk also stated that DOGE is more suitable for financial transactions than BTC due to its lower cost per transaction and higher transaction volume per second.
Dogecoin price is on the rise
Usually an Elon Musk tweet about Dogecoin causes a spike in DOGE price. Crypto markets have been correcting since May 5, but Dogecoin is currently bullish on a daily basis. The overall cryptocurrency market is also already trading on the green board, with Bitcoin surpassing $30,000 days later. DOGE managed to rise from $ 0.074 to $ 0.0942, which it saw during the day, and gained almost 25 percent. The tenth-ranked cryptocurrency with a market cap of $12.3 billion is changing hands at $0.0932 at the time of writing.
