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[Razor1911]

There are many crypto currencies in the market now. Though bitcoin is the leader of them all, but from last few years other cryptos like ether, ripple etc also gained momentum. All of them become a great platform for earning looking at the drastic grwoth in bitcoin, other cryptos also attracted investors and traders attention.

What interesting is that the CEO of Tesla eon musk had mentioned in a reply to a question that dogecoin is the future of the cryptos, which made it an overnight hero and gained almost 20% overnight. Also, musk has approved dogecoin as payment option to buy their products.

My doubt is why he had chosen dogecoin over others? There are more than 50 cryptos surfacing in the market now still he favoured one which has market value of less than a buck per coin.

 

[Wisdom01]

The coin is cheap then, and he saw the potential the coin has , i think this alone made him pick dogecoin then and this have influenced the price positively

 

[achawaskey]

The answer is simple, he has a sizable share in dogecoin and would want his share to grow just like any other business man would do.

 

[Niftyicon]

I think he has some sort of stake in the coin and also when compared to bitcoin, transaction fees are more affordable and the network less saturated.

 

[Razor1911]

But that is against the business policies. If he had a stake in dogecoin and manipulated it's value by such posts, the it's a crime. Because he has a great influence in the financial market, and if he can manipulate like this once, he can do it many a times.

The answer is simple, he has a sizable share in dogecoin and would want his share to grow just like any other business man would do.

 

[Damismiling]

I must say his endorsement of dogecoin as made the coin gain a lot of popularity and it's increase in value. He should have seen a potential in the coin for doing that

 

[Wisdom01]

I must say his endorsement of dogecoin as made the coin gain a lot of popularity and it's increase in value. He should have seen a potential in the coin for doing that

He cannot advice people on what he doesn't see potential in ,it all started as a joke as he was posting memes about the coiin and others and people start taking it more serious

 

[Razor1911]

Wow... what a question !! There are hundreds of people who are showing Thousands of reason on this topic . But I think DOGE is not the only crypto that have those advantages . I think BINANCE Smart chain also has the same advantages like low transaction fee , fast transfer etc .

I think that ELON Musk just fall over DOGE coin because he maybe touched with its popularity or Fall love with it's name ??????

BNB surely has future. I too have invested some amount in BNB. But looking at the hype surrounding Doge, I think it is a pure short term gem which can touch $1 very shortly.

 

[Yugocean]

Well I read Elon Musk's name mistake in both title and thread content. Sometimes typing fast is funny.
Actually there are more than 50 thousand cryptos in the market, however this is something that we call business. Musk's support to dogecoin was just odd because it was launched as meme. However, there is no clear answer to this question; all known is that Musk has a plan of business for himself and not for crypto, he just choose dogecoin for this.

 

[Razor1911]

Well I read Elon Musk's name mistake in both title and thread content. Sometimes typing fast is funny.
Actually there are more than 50 thousand cryptos in the market, however this is something that we call business. Musk's support to dogecoin was just odd because it was launched as meme. However, there is no clear answer to this question; all known is that Musk has a plan of business for himself and not for crypto, he just choose dogecoin for this.

This was not typing mistake actually, at first I thought his name to be Eon Musk. But later only I get to know that it's Elon not Eon. ? Whatever might be the name, the person is the same, the father of Dogecoin.

 

[Hashay]

I am guessing that elon only gave that reply as a cover up deep down he knew doge was a meme coin and wasn't built for long which is perfect for experimenting on

 

[Niftyicon]

Well I read Elon Musk's name mistake in both title and thread content. Sometimes typing fast is funny.
Actually there are more than 50 thousand cryptos in the market, however this is something that we call business. Musk's support to dogecoin was just odd because it was launched as meme. However, there is no clear answer to this question; all known is that Musk has a plan of business for himself and not for crypto, he just choose dogecoin for this.

My thoughts are also along thesame line. It could have been any coin and I guess doge was just lucky to have been chosen. It is no wonder that he may likely jump on another whenever he so pleases.

 

[Yugocean]

I have a though that, Musk is planning his own crypto; he will lure people by selling some useless product of his and promote the coin, to gain from it.
But I am ready, I'll not invest in Dogefather's new meme.

 

[BullyMaguire]

Well first because of memes.. and it's easy enough to manipulate without being much effort i mean just posting memes about it people will put attention in it

 

[Hashay]

My thoughts are also along thesame line. It could have been any coin and I guess doge was just lucky to have been chosen. It is no wonder that he may likely jump on another whenever he so pleases.

I don't believe successful business men just choose a business by luck, there must have been considerations before such decision is taken.

 

[Niftyicon]

I don't believe successful business men just choose a business by luck, there must have been considerations before such decision is taken.

The luck was for dogecoin and not Elon that did the choosing. If there were some considerations before the decision was made, I guess only him and his team would be privy to that, right?

 

[Corzhens]

Based on what I had read in another forum the price of Doge in the market has gone down below 20 cents. If it goes down some more then maybe it is a good investment since when it is down the next trend would be to go up in the market price.

 

[Hashay]

The luck was for dogecoin and not Elon that did the choosing. If there were some considerations before the decision was made, I guess only him and his team would be privy to that, right?

What I do know is that luck comes with preparation and preparedness so if you say doge was lucky then bitcoin too is lucky to have whales. All coins have their use which makes them unique and a prerequisite for choosing by the investors.

 

[Yugocean]

@Niftyicon Musk is not a fan of Dogecoin, this I understood by checking his updates; it is something like what @Reedex is trying to say.


@Corzhens Doge is below 20 cent since week.

 

[Hashay]

Elon is a businessman and he saw that the price is very small and he can buy as many as possible and then sell when the price goes up due to his influence. He wave a heavy hand over the cryptocurrency space

Thank you!! You seem to understand from the business perspective that there's more to what elon says on the social media .