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Elon Musk Is Not Selling Tesla’s Dogecoin (DOGE) Anytime Soon: Here’s Why

  • Despite selling most of Tesla’s Bitcoin (BTC) stash, Musk still holds $222M in crypto
  • Developers of Dogecoin (DOGE) launched a new website called “Dogepedia,” a source for DOGE-related info
  • Both memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) are enjoying 6% gains in the last 24 hours

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.

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.