Starting two weekends ago, Musk made his first-ever appearance on the SNL show. It was ahead of the show that many Dogecoin supporters believed that the billionaire would get Dogecoin soaring as he had already been doing on his Twitter page.
Major Updates
- Musk emphasizes the inefficiency of top crypto Bitcoin.
- Twitter user @lon_elon suggests new crypto by Musk himself.
- Musk faces negativity due to recent Tweets.
However, this wasn’t so but rather the opposite as Musk’s managed to dishonor the joke coin. His negative statements had the coin dipping from $.70 to $.47 before stabilizing at $.57.
Further announcements then arrived that SpaceX and Geometric Energies Corp. would partner up for a project that could alter the Dogecoin market massively. A satellite launch is set to take place in the first quarter of next year, and it would be an event to send Dogecoin to the literal moon.
It was not too long after when there was dreadful news on Elon Musk's Twitter. He announced that Tesla would discontinue accepting Bitcoin as payment for their cars. The decision was based on horrific numbers from research showing the levels of pollution brought about by Bitcoin mining.
Shortly after, he announced he was working with devs to heighten Dogecoin’s efficiency. This further led to many people believing that Dogecoin would be the Crypto to replace Bitcoin on Tesla’s balance sheet. This fact along with the abundant Dogecoin hype on his Twitter altogether put Dogecoin as the likeliest coin on the Tesla balance sheet.
Although lack of efficiency in major currencies has one @long_elon openly suggesting the billionaire could make his crypto. It was a tweet Musk was quick to reply to, accordingly.
Conclusion
Ever since the past seven days, Dogecoin, Bitcoin, and all other altcoins have suffered a massive bloodbath. It started with the SNL show, then the announcement of a Dogecoin satellite launched by SpaceX, followed by Tesla stopping the use of Bitcoin to purchase cars. Questions are currently arising about if Elon Musk would disregard existing currencies and create one of his own. A cryptocurrency would fulfill his wishes as a suitable mode of payment and affordable, quick, and clean.
Question of the Day
Do you think Elon Musk would create his cryptocurrency?
