Elon Musk says Dogecoin has potential as a currency

TL;DR Breakdown
  • Dogecoin has the potential to be a currency according to Tesla CEO Elon Musk
  • Elon favors Dogecoin as a financial transaction

It’s no longer news that Dogecoin is Elon Musk’s favorite cryptocurrency. The meme cryptocurrency has since gained popularity and price pushes since the Tesla founder began endorsing it. However, his recent tweet has drawn the attention of many investors as he claims that DOGE has the potential to be a currency.

Dogecoin is favorable for financial transactions

Musk has continuously favored Doge as a financial transaction when compared to Bitcoin, he has considered Bitcoin to be the best store of value. Most importantly, he provided facts to support his claim that Doge has reduced cost per transaction and increased transactions per second.

After Elon Musk tweets anything regarding Dogecoin, the cryptocurrency’s value often rises significantly. However, this particular message has led investors to consider Doge more long-term. It should be noted that while Musk likes Dogecoin, he is not the only one. Billy Markus, co-creator of the comedy currency, stated that he appreciates it.

When it was revealed that Elon Musk owned 9.2% of Twitter’s shares, Doge climbed 20% in April 2022. A year after the famous Doge bull run on the DOGE price chart below

Elon Musk says Dogecoin has potential as a currency 1

Source: Trading view

The Dogecoin price is $0.093055 USD today, with a trading volume of $2,408,859,498 USD over the last 24 hours. The past 24 hours have seen Dogecoin’s value rise by 24.43 percent.

Bitcoin the giant coin today is trading at $30,364.00 marking a rise of 13.36% while Ethereum the second-largest cryptocurrency by market capitalization today is trading at $2,086.40 marking a rise of 16.04%

This latest tweet from Elon Musk has caused quite a stir in the cryptocurrency community as many investors are now taking Doge more seriously. It will be interesting to see how the currency develops over the next few months.

Dogecoin price prediction

It is hard to predict the future of Dogecoin as it depends on a number of factors. However, some experts believe that Dogecoin has the potential to reach $1 by the end of 2025. This would give it a market capitalization of $125 billion which would make it one of the top 10 cryptocurrencies in the world.

According to Investors, Dogecoin has a bright future as it has the potential to be used as a currency. It has a low transaction fee, and fast transaction speed, and is already accepted by some businesses. Moreover, with the support of celebrities like Elon Musk, Doge is expected to grow in popularity. However, it is important to remember that cryptocurrency prices are volatile and anything can happen in the future.

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Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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