A month after Musk called Bitcoin “brilliant” he is now lauding one of the whimsical altcoins which started off as a meme – Dogecoin. The Tesla and SpaceX founder tweeted:
“Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
He praised for the meme-inspired asset in response to an April Fool’s Day poll which was posted the day before by the official Dogecoin account, asking who should be the cryptocurrency’s next CEO (which is an absurd notion on its face since crypto projects are supposed to be decentralized). Musk won the poll with 54% on the vote.
As the official Dogecoin account posted once the poll was over:
“Looks like you’re the CEO now @elonmusk, DM us where to email the access codes :-D”
Musk then returned the favor, tweeting about Dogecoin and mentioning the cryptocurrency including one tweet which declared that “Dogecoin rulz” with a meme attached.
In response to this, Jackson Palmer, who is the creator of Dogecoin, tweeted with a parody:
“Am considering selling https://Dogecoin.com for $4.20B. Funding (not yet) secured.”
For the ones who don’t know, this was a reference to an infamous older post from the Tesla CEO which led to a Securities and Exchange Commission action.
So for the ones who don’t get it…
Last summer, Musk tweeted that he had secured funding to sell his electric car company at $420 per share. This statement proved to be untrue however, costing Musk personally his chairmanship of the company as well as an additional $20 million.
Skeptics who followed Musk’s tendency to troll online took note of the price which is “420” a number that is very familiar code to pot users. This is also why Palmer’s asking price was “$4,2 billion.”
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“We’ve gone through the Coinbase listing documents, and they require a lot of structure we don’t have, so at the moment, it’s not on our roadmap. It’s an unfortunate situation that despite cryptocurrencies being designed to be decentralized, being an actually decentralized project seems to confuse a lot of companies in the space. That said, it would be great to see Dogecoin listed, and if we can help Coinbase with this, I’d love to hear from them. Obviously, Dogecoin is in the Coinbase Wallet app, and I’m hoping that’s a good sign.”The Dogecoin developers continued in the cryptonews and noted that the coin has "a fixed inflation rate of 5.256 billion newly created coins each year" saying that this is fundamentally core for the cryptocurrency.
"Many people miss that we’re not founders, and Dogecoin had no pre-mine, so the current developers have had no better opportunity than anyone else to stockpile. What I mean is if we were in this to make money, it would be much easier to work on a cryptocurrency that already has a profit model, than try reinventing Dogecoin,” they continued.It will be very interesting to see what the Dogecoin developers will do in 2020 and how the cryptocurrency will focus on adoption and further popularization.
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