Elon Musk is known to have a soft spot in his heart for cryptocurrencies and the idea of decentralization. The owner of Tesla has previously supported Bitcoin extensively, but due to some of the economic reasons and bad impact of Bitcoin mining on the environment, Elon Musk took a little step back and reiterated his focus towards Dogecoin. You know Musk has previously supported Dogecoin in a very dedicated manner; he even extended his support to the developers in pursuit of making the blockchain of Dogecoin an exceptional entity of the decentralized world.
Elon Musk’s Support for Dogecoin
Through his tweets and influence, Elon Musk has tried his level best to pump the price of Dogecoin to an even dollar but failed in doing so. There was a recent tweet from the co-founder of Dogecoin in which he is seeing criticizing all the hype that is built around specific crypto tokens. Elon Musk came to his support as if he was also against this hype that has been building out there.
Billy Marcus, the co-founder of Dogecoin, sent some tweets out regarding this unusual hype that comes out of nowhere in collaborative times when the crypto market is about to turn another page; according to him, these are from people who want to get rich quickly and become a part of this wave out of nowhere. Elon Musk came to support his tweet and sent out a tweet of his own saying pretty much the same thing. According to Marcus, these people are the real culprits who want to get rich by riding certain waves within the crypto market.
Say a coin is doing great, and these people have already bought it, so when the time comes, and they have to make a decision, they will dump all of their tokens, make the profit, and bailout. They do the same thing over and over and are never trusted to last a little longer in support of their favorite coin because they have no favorite coin, and they are all about profit.