Elon Musk is no pump and dump supporter of Doge.
The billionaire and tech entrepreneur has reportedly been advising the developers since 2019, and this may pique the interest of those who were holding off on investing in the coin.
Reports indicate that the developers declined his funding, but instead chose to capitalize instead on his brainpower.
Musk has said numerous times that he wants to back a more carbon neutral alternative to Bitcoin; choosing instead to back the fledgling Doge coin.
Critics of the coin note that currently Doge has no white paper, and no proven cases of usage such as ETH, BTC, BNB, and XRP.
Perhaps if they knew that Musk himself has been an intimate adviser to the developers they may have a change of heart.
Take a look:
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Sorry no offense but If Elon can build the best car, space, neural companies in the world, what makes you think he can’t do that with DOGE? 🤣 I believe in Elon, not no guy who can’t even come close to comparison
— Dollarbill Murray (@justcuzzblood) May 14, 2021
Decrypt had the exclusive on the story:
Nicholl said Musk has been in touch with Dogecoin’s development team—Nicholl, Michi Lumin, Max Keller, “Patrick,” and “Sporklin,” who sadly died from cancer in April—since he was voted honorary Dogecoin CEO in 2019.
Musk has also offered to fund Dogecoin development, but the team politely turned down the offer, said Nicholl, who added that they also refused other offers from wealthy would-be investors.
Musk had tweeted on Thursday that he was working with Dogecoin’s developers to “improve system transaction efficiency.” The day before, Musk turned his back on Bitcoin, tweeting that Tesla would no longer accept it as payment and that he was looking “at other cryptocurrencies that use [less than] 1% of Bitcoin’s energy/transaction.”
After hearing @elonmusk collaborative with doge devs since 2019 to make it a “proof of stake” coin and all of the publicity this coin has been getting, this coin isn’t going anywhere. Hop on now and stay on! We’re on a one-way journey to $1 in couple weeks
— D'Knap (@DKnapki) May 14, 2021
Barrons had more on the story:
Dogecoin prices surged higher early on Friday, after Tesla Chief Executive Elon Musk said he was working with the cryptocurrency’s developers on “transaction efficiency,” just days after suspending car purchases using Bitcoin.
The popular crypto, which began largely as a joke but has enjoyed an astronomical rise this year, jumped 32% above $0.52 after Musk’s tweet late on Thursday. Coinbase’s plans to add the asset to its platform in the coming weeks also helped push the price higher.
It isn’t the first time Musk has raised the idea of Dogecoin being used to make Tesla purchases. In a Twitter poll earlier this week, the billionaire asked whether his followers wanted “Tesla to accept Doge”—78.2% responded yes.