Elon Musk, the crypto advocate, is again tweeting DOGE support.
The Tesla CEO got to Twitter last week to share some news that he has plans to start a university called Texas Institute of Technology & Science. Last night he added to this thread saying that payment for semesters would have to be in Dogecoin and people who have a dog will pay less.
Musk is known to use his Twitter account now and then to tweet about DOGE and this way increase the coin’s prices. Surprisingly this time the prices did not significantly move after the aforementioned tweets.
Dogecoin and SHIBA INU are constantly competing with one another. The price of DOGE increased by over 46% after battling with SHIBA INU, which surpassed Musk’s favorite meme coin and is currently ranked No. 9 in the world, whereas DOGE is ranked as No. 10.
SHIBA INU’S price has been steadily rising, and it now has a market capitalization of $37.8 billion at $0.000069. On the other hand, Dogecoin is now trading at $0.26 with a market capitalization of $35.25 billion at the time of writing, not having experienced any notable gains.
SHIBA INU might be on the lead however it won’t be easy to stay there as it needs to compete with Musk’s grand social influence. The latter has always been vocal about supporting Dogecoin on Twitter.
Just recently, its prices went high as the Tesla CEO referred to it as the “people’s crypto”.
He explained in a tweet that a lot of the employees of Tesla or SpaceX own DOGE. They are not even experts on finance or anything, however, they are still into this coin. Musk wanted to emphasize that the meme coin is for everyone and that’s why he is a firm believer in it.
After facing controversy for his statements on the meme coin during the B-Word conference earlier this year, Musk has tempered his support for DOGE. Even then Musk had good words for the coin, however not for its community as it referred to them as an “irreverent” community with amusing memes.
Elon invested in Dogecoin after letting the public know that he is a fan of both dogs and memes.
However, this sparked numerous questions about Musk’s motivation for supporting DOGE, raising the question of whether he expects true development or if it is just one of his practical jokes that he will laugh off a decade later.