The dog-themed cryptocurrency that first came out as a joke has sentimental value for Elon “The Dogefather” Musk, as the world’s richest man started The Boring Company as a joke too, only to see it become a prosperous project later. Last week, the CEO of Tesla announced that the company had to sell 75% of its Bitcoin (BTC) stash. But it didn’t sell a penny of DOGE, of course.
Elon Musk’s Tesla Still Holds $222M in Digital Assets After Dumping $936M in Bitcoin— Einstein Of Finance 📊📈 (@Thecoolboi7) July 28, 2022
the panic last week over Tesla announcing that it sold 75% of its Bitcoin, the company reports holding $222 million worth of “digital assets” on its balance sheet as of the end of June. pic.twitter.com/4gV121zL36
Dogecoin (DOGE) Is Here to Stay
Founded in 2013 by Billy Markus, DOGE will mark its 10th anniversary next year. Besides being a fun, less serious and more accessible alternative to BTC for many of the crypto enthusiasts, consistency is another very important factor.
The developers of Dogecoin (DOGE) announced a major update to the ecosystem just last week, with strong recommendations for the DOGE Army to upgrade as soon as possible. The new update includes a dramatic fee reduction, with the dust limit lowered to 0.01 DOGE from 1 DOGE. In addition, the upgraded security features and faster transaction speed should be enough to convince DOGE users to upgrade.
Furthermore, the programmers behind Dogecoin (DOGE) launched a brand new website today, including new features set to educate people about the popular memecoin. The upgraded version of Dogecoin.com now includes Dogepedia, an educational tool meant to fight against FUD, or in other words, misinformation.
However, there’s plenty of other reasons Dogecoin (DOGE) is now backed by celebrities like Mark Cuban, Ice Cube, and others. To illustrate, Ice Cube successfully implemented Dogecoin (DOGE) into his 3-on-3 basketball league, empowering fans to become shareholders of any team they desire.
DOGE vs. SHIB: Let the Dog Race Begin
The rivalry between the two dog-themed meme coins is heating up. Recently, Shiba Inu’s (SHIB) influencer MILKSHAKE added fuel to the fire by asking if the SHIB Army is going to surpass DOGE Army, as both memecoins got 3.4M followers on Twitter.
Originally known as the “Dogecoin” Killer, Shiba Inu (SHIB) scored way more deals in 2022. The rival memecoin has a lot going on, with the $SHI stablecoin bound to see the light of the day by the end of the year. Besides, there’s a clothing line, card game, and a restaurant in the works for the SHIB Army. As Shiba Inu (SHIB) wants to bring their users the best of both worlds, the already vast community is sure to grow even bigger.
On the Flipside
Why You Should Care
The rivalry between the two memecoins ignited a bull run for Dogecoin (DOGE) and Shiba Inu (SHIB). The meme coin that comes out on top will most likely end the “memecoin era” faster.