Invest in a joke! Elon musk mobilizes significant resources, including its image and skills, to promote and improve the performance of Dogecoin (DOGE).
In an exclusive interview on May 14, 2021 with Decrypt, the developer DOGE, Ross Nicoll, reveals behind the scenes of the collaboration between the Dogecoin and Elon musk.
Musk started talking to developers about Dogecoin – Nicoll, Michi Lumin, Max Keller, “Patrick” and “Sporklin” died of cancer in April 2021 – in 2019, the year he was elected honorary president of the DOGE.
The billionaire would have them “encouraged to improve higher transaction throughput“, While providing advice and commenting on the project. The Tesla CEO would also have shared his address book.
Nicoll indicated that the team of 4 developers DOGE who work part-time is optimistic. They believe they can further reduce the energy consumption of the DOGE, with the support of Musk.
According to an estimate from May 13, 2021, the electricity consumption of DOGE represents only 7% of that of Bitcoin (BTC).
A sacrifice in honor of the DOGE
Musk had offered to finance the development of Dogecoin, a proposal that the team politely rejected according to Nicoll. The latter said they had also turned down other offers from wealthy potential investors.
The price of Dogecoin rose from $ 0.008 in January 2021, to an all-time high of $ 0.71. This increase is due in particular to the support of Musk, who however failed to pumper his course during his show at Saturday Night Live of May 8, 2021.
Musk recently turned his back on Bitcoin, with You’re here who ultimately refuses to accept payments in BTC for the purchase of its electric vehicles.
The BTC loses the $ 50,000, it is trading at $ 45,389 at the time of writing. To wonder if the last call of Musk above all does not aim to pumper the DOGE so that it crosses the $ 1 bar, even if it means sacrificing the BTC on ecological arguments.
In any good story, you need a villain. BTC is the enemy to be defeated for its detractors who like to talk about the amount of energy consumed for its mining. The DOGE comes as a hero, acclaimed by the crowd: the nice crypto with an increasing sympathy capital thanks to Elon musk – it still smacks of a well orchestrated manipulation.
Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which seem to be far too technical.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.