“Dogecoin still has potential as currency,” -Elon Musk

Tesla CEO Elon Musk took to Twitter on Friday, informing Dogecoin co-founder Billy Markus that the project has currency potential.

“I enjoy that something stupid could also have utility and be successful,” Markus said.

In a 2021 Twitter conversation with Musk, the American programmer also mentioned that dogecoin was “fast, scalable, and inexpensive to send around,” which “is what it needed[ed] to be.” Markus further stated that the meme coin does not have to become another blockchain system that hosts other NFT coins.

Could Musk’s support raise the price?

On CoinGecko, Dogecoin has gained almost 22% in the previous 24 hours, as the shaky crypto market attempts a little recovery. Nonetheless, the global crypto market worth remains close to $1.3 trillion(R 21TN) as of Friday, with DOGE adding more than $12 billion(R194B) to the total.

Previously, the SpaceX CEO referred to DOGE as “the people’s crypto,” which boosted its market price.
“A lot of people I talked with on Tesla production lines or building rockets at SpaceX own DOGE.” They are not financial or Silicon Valley technologists. “That’s why I decided to support Doge — it felt like the people’s crypto,” Musk had claimed.

Musk further adds that in order for the meme coin’s aim to be realized, the DOGE development team should focus on “reducing fees, decreasing block time, and expanding block size.” Markus agrees with Musk that Dogecoin should promote itself as a legitimate digital currency.

Dogecoin’s success, according to the meme coin’s co-founder, is based on the usefulness that comes from “using it, accepting it, and demonstrating to others the benefits of doing so.”

Whales clinging to DOGE

According to IntoTheBlock analysis, whales hold 66 % of meme coin holdings, accounting for more than 1% of the circulating supply.
According to a May 9 analysis published by WhaleStats, Dogecoin is also one of the most commonly used smart contracts among the top 500 BSC whales.

DOGE is currently trading in a 24-hour price range of $0.076710 to $0.094166(R1,24 -R1,52). At the current price levels, 53% of DOGE holders are making money, while 3% are breaking even.