End of the mystery: Elon Musk reveals the reasons why he chooses Dogecoin and not Bitcoin or Ethereum

The founding entrepreneur of SpaceX and Tesla participated in a Twitter thread where he made clear his position on cryptocurrency inspired by a meme

Dogecoin (DOGE) is the cryptomoney businessman’s favorite Elon Musk and came to enter the Top Ten one of the most valuable on the market thanks to the furor it generated around the world in 2021.

It is popularly known as DOGE and takes its name from the image of a dog of the Japanese breed Shiba Inu, or rather of a meme of this dog that became popular years ago in the “foreras” bowels of the internet to the point of generating a own canine slang, which has become fashionable again.

The “cryptomeme” gained ground thanks to the support of the Reddit community, WallStreetBets, but also to groups organized in Discord The Twitter, who focused on inflating the price in a coordinated manner.

However, the imposing uptrend had as an important catalyst the endorsement of Elon Musk in recent months that at the blow of Tweet raised expectations about the crypto asset in the markets.

In one of his most recent appearances on social media, the founder of Tesla y Space X He responded to a comment thread where he made clear why he supports DOGE.

Is that the former CEO of Twitter, Jack Dorsey, was in the middle of a controversy on social networks after criticizing the Web3, claiming that in its essence it also represents “a centralized entity with a different label.”

In this regard, the creator of the Dogecoin, Shibetoshi Nakamoto, he replied: “I mean my goal is to build things, make money and have fun. I am used to the corporate establishment and I don’t see any significant departure from it. Bitcoin only empowers the nouveau riche.

After this comment, another blunt from Musk appeared “That’s why I support DOGE”.

Dogecoin: a developer creates the first mined NFT on the Blockchain

A developer of NFT claimed to create and mine the first non-fungible token (NFT) on the Dogecoin blockchain. The user, who is identified by the name of inevitable360, provided some details about the operation.

As he explained, he used the functions hash Sha-256, the Bitcoin (BTC) mining algorithm, to mint the digital collectible.

Then he stored the NFT in a CheckSum (or checksum), a simple function used to detect that a series of data or files was not modified.

However, the most striking thing about the operation was its low cost. The transaction details show that mining the non-fungible token on the Dogecoin blockchain cost just 0.1 DOGE.

The Dogecoin fashion

DOGE its business volume shot up in the second half of 2021 a 1.250%, as revealed by Coinbase and its price, which in January was about US $ 0.004, reached US $ 0.70 in May, which meant a takeoff of 15,000%.

Regarding the average trading volume, the cryptocurrency inspired by a meme it reached US $ 995 million per day in the period from April to June.

Jackson Palmer, Creator of the cryptocurrency that was born as a joke related to a meme and is currently in the top ten of those with the highest market capitalization, was lapidary against these assets, which he pointed out that they are nourished, in part, by the illegality.

In his profile on the social network Twitter, the expert published an extensive thread where he explains that “After years of studying it, I believe that cryptocurrency is an inherently right-wing hypercapitalist technology built primarily to amplify the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight, and artificially imposed scarcity.”

DOGE increased its business volume in the second half of 2021 by 1,250%

After that lapidary comment, the creator of DOGE added: “Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, over time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system that were supposedly proposed replace”.

In addition, he highlighted that the technology of cryptocurrencies thrives, in part, on illegality, profiting from “a web of shady business connections, bought-in influencers, and pay-per-play means to perpetuate a ‘get rich quick’ cult funnel designed to extract new money from the naive and financially desperate. “

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End of the mystery: Elon Musk reveals the reasons why he chooses Dogecoin and not Bitcoin or Ethereum

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