The Dogefather is putting one of crypto’s hottest digital coins of the moment front and center on his Twitter feed by just asking people on Twitter that Tesla firm should accept Dogecoin or not. On Tuesday, Elon Musk posted a poll on his Twitter account asked this question from Tesla followers. The Twitter poll was asked from the followers just days after the Tesla and SpaceX chief called Dogecoin a “hustle” during his appearance on Saturday Night Live show. Musk is a passionate supporter of cryptocurrencies, has this year inspired big market-moving swings in the price of digital coins, this includes Dogecoin and Bitcoin.
In January, Bitcoin had a jump in price when he posted #bitcoin to his Twitter feed. His Midas crypto strike took place again in February after Tesla disclosed in regulatory filings that it had bought $1.5bn of Bitcoin and that people could use the cryptocurrency to purchase Teslas electric vehicles.
While Musk’s enhancing of Bitcoin has been accompanied by significant moves to hasten the world’s most popular cryptocurrency’s rise to becoming a mainstream form of payment, his tweets on Dogecoin , as we mentioned in many other articles it just started as a joke , have been more playful in nature.
There is a enormous difference between these two coins. Since Autumn, Bitcoin has hit several key milestones towards becoming a mainstream form of payment and has garnered serious interest from heavy-hitting Wall Street investors who believe it will change global finance. Some also see it as a workable store of value that can challenge even gold with its rise.
On the other hand, we have a limitation on how many Bitcoins can be created in the world. That limited supply helps us to keep long-term inflation in check. Dogecoin, started as a joke in 2013. There is no limit on how many Dogecoins can be created, and it is hardly used as a form of payment.
In February, Musk posted that he had bought Dogecoin for his son “so he can be a toddler hodler” as he said, crypto slang for “Hold On For Dear Life”, and confessing the extreme volatility that is a authentication mark of crypto prices ,Musk has also called himself as the Dogefather.
But he has injected some alrt for taking risks into crypto tweets, wanting his followers to know : “Cryptocurrency is promising, but please invest with caution!”
The Tesla chief’s Tuesday poll on Dogecoin received over 2.3 million responses so far. On Saturday, Musk tweeted that the meme coin would be used to pay for a SpaceX mission to the moon next year.