Bitcoin could be the largest cryptocurrency globally, but Dogecoin is probably the most talked about. From literally nothing, its value has risen to half a dollar in just a few months, and it has also made many millionaires along this journey. But recently, a little controversy has sparked regarding Bitcoin that has also brought Dogecoin into the limelight. When Elon announced that Tesla would stop accepting BTC due to environmental impact, a Twitter user asked the creator of Dogecoin if he considered the environmental impact of the currency. To which he said that it was made in two hours, “I didn’t consider anything.”
https://twitter.com/BillyM2k/status/1392952014854778883
Why does this matter?
Elon Musk has been very vocal about his thoughts on cryptocurrency and has actually praised Bitcoin. He also replied to Jack Dorsey’s tweet, saying that Bitcoin promotes the usage of renewable energy resources and is actually good for the environment. Now just think, a man as smart as Elon will obviously not make this statement without having knowledge about the subject. Well, his most recent tweets show either he doesn’t care, or he will just say whatever he thinks is right. Yes, Tesla is his company, and accepting BTC or not is his choice. But the way it was done is market manipulation.
And now, when BTC has been removed from Tesla’s payment options, it seems he is eyeing Doge to be there. There is a good chance that Elon might say that Doge will be accepted at Tesla, and it moves past $1. This is because he tweeted that he will work with doge developers to improve the security of the system. Hence, he might come forward saying Doge is a better replacement to BTC and will now be accepted at Tesla.
Does this mean Dogecoin is worse?
Dogecoin was never meant to be an actual cryptocurrency; rather, it was a meme that meant to mock crypto. So, in a way, it is surprising how far the coin has come. We should also know that Dogecoin has much lesser energy usage per transaction, but it is also less secure and obviously not that great as a store of value.
What are your thoughts on the price of Dogecoin and the recent statement made by its creator? And do you think Elon is intentionally manipulating the market? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: BTC and ETH fall while ADA and DeFi tokens make new highs.
