As one of the richest men in the world, Elon Musk has the influence to change the crypto market. He can also turn the market on its head with his decisions to support cryptocurrencies. Now, it has been revealed Dogecoin has progressed with its development behind the scenes because of Musk’s help.
Having someone like Musk support Dogecoin makes it an even more important crypto than almost everything else in the market. He is one of the world’s richest people and if he makes a financial decision, people love to follow his lead as they see it as the way to getting richer.
In 2021, this was on full display as Musk became the most prominent crypto influencer. Bitcoin’s value was rising and was used in a multitude of ways including people playing Bitcoin casino games and making purchases at online shops.
His car company Tesla said that would no longer accept Bitcoin payments for its vehicles which led to backlash but also a downward spiral for Bitcoin at the time.
He is a supporter of the crypto market but with the environmental damage it poses due to the power consumption that it requires, he pulled out. That is also why he’s getting into Dogecoin because he wants to commission a tool to help crypto become more sustainable and not too reliant on fossil fuels power.
Musk has taken charge as the owner of Twitter now known as X. He has lofty goals for this social media platform as he wants it to become the ‘Everything’ app. That means he wants it to be a platform for social media, communication, payment services, and more.
He is looking to emulate popular apps in Asia like WeChat or Grab. This was inspired by Musk’s former project PayPal, which is the largest online payment service in the world.
With Musk’s notable support for the crypto market, you can expect the payment service side of X will be friendly to crypto. That means more people will get to have better avenues for their payments. Dogecoin might be one of the best options in X’s future and with Elon’s backing, that is looking more likely.
In November 2021, Bitcoin reached an all-time high worth $68,789.63 and Ethereum had $4,878.26. Dogecoin is not projected to reach those heights yet but in terms of popularity, you can expect it to put up a fight. The price will likely go up when Musk shows public support again but in the meantime, Dogecoin was $0.73 back in May 2021.
Musk’s involvement in Dogecoin development was revealed in a Wall Street Journal report detailing how he’s behind the finances for upgrades. His long-running fascination with Dogecoin can lead to further growth and a goal of beating out Bitcoin and other cryptocurrencies. He also wants to integrate Dogecoin into a social media platform like X to increase its user base.
With Musk working behind the scenes for Dogecoin’s development, his aid might be the push Dogecoin needs to reach its all-time high and skyrocket in the market rankings. It is already useful in multiple ways like purchases and social media interaction but you can expect Dogecoin to be useful for payments on Bitcoin casino games, purchases, and more.