The famous billionaire Elon Musk is renowned in the crypto industry for his continued support for the DOGE coin. 

Many other memecoins based on the Shiba Inu dog theme have hit the market. Although yet to be profitable, they have shaped strong communities, which makes them popular. 

One of the most popular memecoins in the crypto market is Elon coin, also known as [Dogelon Mars](https://dogelonmars.com/). If you recently came across the Elon coin because of its hype, you might want to know what it is and why it is gaining popularity among crypto communities. To help you with that, here's everything you need to know about Dogelon Mars.  

## What is Elon coin (Dogelon Mars)? 

Dogelon Mars is a relatively new addition to the meme tokens genre that launched in 2021. Like most memecoins, including DOGE, SHIB, or [FLOKI](/news/article/what-is-floki-inu), the project is inspired by the [Shiba Inu ](/news/article/akita-inu-coin)theme. It also uses Elon Musk's influence on the crypto market to attract investors. 

The project is based on a comic story about the recolonisation of Mars. It revolves around the journey of baby Dogelon and his friends, who are fighting against the Annihilators of the galaxy. The entire story behind the project is available in the form of [NFT comics](/news/article/nft-comics-2142-ad) that you can also collect through [OpenSea](https://opensea.io/assets/ethereum/0xea9707d71ed5c3bd0af871711cb3b597ef1ab043/10003). 
The crypto itself does not have a particular role in the project. You can only buy it for investment or trading purposes. Surprisingly, even after two years of the coin’s launch, it has no whitepaper. So, no source clarifies the purpose or the mechanism of this crypto.  

## What is Elon coin worth? 

As of 20 September, 2023, one Elon token was changing hands at only $0.000000135, down by 0.58%. In the brief history of the token, it hit its highest price of $0.00003263 in July 2021. But since then, it has dropped by more than 99%. Meanwhile, the market cap for Dogelons is $73.75 million, and the past 24-hour volume is $2.2 million.  

As per [CoinMarketCap](https://coinmarketcap.com/currencies/dogelon/)’s data, the total supply of the Dogelons is one quadrillion, of which 549.65 trillion are in circulation.  

## Why has the Elon coin become so popular? 

Even though Elon’s value is not as impressive as one would like, it has become a famous meme token. Here are some of the main reasons behind it. 

### 1.   The token’s name is inspired by Elon Musk 

One of the prominent reasons investors hyped it is its name, which establishes its affiliation with Elon Musk. Although the project is not directly related to the billionaire entrepreneur, it leverages his influence on the crypto market. If you are familiar with the crypto market, you would know how Musk's single tweet can spur a price action. Therefore, the project creators have wisely chosen a name that boosts its popularity.  

### 2.           Shiba Inu-themed branding 

Another major part of the project's branding is the Shiba Inu. This theme is behind the popularity of most of the meme tokens as it refers to the dog/Cheems memes. It was first used for DOGE, which set a precedent for other meme tokens. 

This is why Dogelon Mars also used it to attract larger audiences. Moreover, the project has used this theme in a unique way, which is by introducing comic strips as NFTs. It has become one of the reasons behind the popularity of the coin.  

### 3.           Low priced coin 

The low price of a coin may not be a sign of a good investment for many. But for others, it's about affordability and fun. Many retail investors who are into buying memecoins consider Elon as an affordable option. They can easily buy Elons in large amounts, hoping their value may increase in the future. 

### 4.           A strong community 

Dogelon Mars has a strong community that believes in its potential. The project is present on platforms like [X](https://twitter.com/dogelonmars) (formerly Twitter) and [Telegram](https://t.me/dogelonmars). On X, it has more than 445.2K followers; on Telegram, there is a community of around 44,345 members. It suggests that people are keenly interested in the project and are confident about its growth. 

## Is Elon coin a good investment? 

Undoubtedly, the Dogelon Mars project has become a highly admired memecoin project. But still, there might be better options for your investments. 

This is for two reasons. Firstly, more information about the project's founders or its purpose is required to be sure about the project's developments. Secondly, the coins do not serve a particular role in the ecosystem, which suggests that their price is unlikely to grow. 

The total supply of the token is also huge, which further leaves questions about the coin's price in the future. For these reasons, avoiding any kind of investment in such projects is better. 

Elon Coin logo - Shiba Inu cartoon in a suit. 

What is Elon Coin, and why is it popular? 

The Tesla token is a digital asset that represents ownership in Tesla Inc. It is an innovative approach to democratizing access to Tesla's stock, allowing investors to gain exposure to the company's performance without actually owning the underlying shares. 

This concept of tokenizing real-world assets has gained traction in recent years, providing a new way for individuals to invest in traditional assets through blockchain technology. 

## What is a tokenized stock? 

A tokenized stock is a digital representation of a share of a company issued on a [blockchain](/news/tag/blockchain-tag) platform. A tokenized stock is backed by the actual share held by a licensed custodian. It can be traded on DEX (decentralized exchanges). A tokenized stock gives the investor the same economic benefits as owning the share, such as dividends and voting rights. One of the most popular tokenized stocks is the Tesla token. 

## What is a Tesla token? 

[Tessla token ](https://www.coinbase.com/price/tessla-coin)is a cryptocurrency owned by Tesla, the company founded by Elon Musk. The token, designated as TSLA, is designed to reward Tesla customers, investors, and fans for their loyalty and support. It is issued by Binance. Binance users can buy and sell Tesla tokens using Binance USD (BUSD), a [stablecoin](/news/tag/stablecoin) pegged to the US dollar. Each token represents one share of Tesla stock. It is backed by a depository portfolio of underlying securities held by CM-Equity AG. 

## Potential benefits of the Tesla tokens 

This tokenized Tesla stock offers several potential benefits for investors and Tesla enthusiasts alike. The token provides an opportunity for individuals to invest in Tesla without having to purchase whole shares of the company. 

As for Tesla investors and customers, the token can be used for the purchase of [Tesla](/news/tag/tesla) products and services, such as vehicles, solar panels, batteries, and charging stations. The token can also be used to access exclusive perks and discounts, such as priority delivery, free maintenance, and invitations to special events. 

## How to invest in Tesla tokens 

To invest in Tesla tokens, an investor must have a digital wallet supporting the blockchain platform that issues the token. For example, Binance offers tokenized stocks of Tesla and other companies on its Binance Smart Chain platform. 

To buy Tesla tokens on Binance, an investor needs to have a Binance account and a Binance Chain wallet. 

The process is similar to buying any other cryptocurrency on Binance: 

- Deposit funds to the Binance account, either in fiat currency or cryptocurrency. 

- Convert the funds to Binance USD (BUSD), a stablecoin pegged to the US dollar. 

- Transfer BUSD to the Binance Chain wallet. 

- Use BUSD to buy Tesla tokens on the Binance platform. 

The investor can then hold, sell, or trade the token as they wish, subject to the terms and conditions of Binance and the relevant regulations. 

## Potential risks of investing in Tesla token 

Investing in Tesla tokens has some risks that investors should be aware of before making a decision. Some of the risks include: 

- Regulatory uncertainty: Tokenized stocks such as Tesla tokens are a relatively new and unregulated phenomenon, and different jurisdictions may have different rules and requirements. Investors should do their research and consult legal and tax advisors before investing in Tesla tokens. 

- Market risk: Investing in Tesla tokens exposes investors to the same market risk as investing in traditional Tesla stocks. The price of Tesla tokens may fluctuate due to factors such as supply and demand, company performance, industry trends, macroeconomic events, etc. 

## Final thoughts 

Tesla token is an exciting new way to invest in one of the most influential companies in the world. It offers several benefits, including investment opportunities and alternative options for buying Tesla products and services. 

However, it also comes with some risks, such as regulatory uncertainty, platform risk, and market risk. Investors should weigh these factors carefully before investing in the tokenized stock. 

Tesla Token: A Quick Look

When it comes to the world of crypto, few individuals have had as much influence as Elon Musk. The eccentric entrepreneur has made headlines time and time again for his comments on various cryptocurrencies, including Bitcoin, Dogecoin, and Ethereum. 

In this article, we'll take a closer look at Elon Musk's crypto journey, examining the implications of his involvement on the market, investors, and traders. 

## The Elon Musk crypto effect: A timeline 

Musk's interest in cryptocurrencies dates back to 2014, when he first mentioned Bitcoin in a tweet. Since then, his engagement with the crypto community has grown, leading to notable comments and tweets about cryptocurrencies such as Bitcoin, Ethereum, and, most prominently, Dogecoin. 

In 2021, the "Elon Musk crypto effect" reached new heights. In February, it was revealed that Tesla had purchased Bitcoin worth $1.5 billion, and the company said it would begin accepting BTC as payment for its vehicles. This news sent Bitcoin's value skyrocketing, solidifying its status as the leading digital currency. 

However, in May 2021, Elon Musk reversed Tesla's decision to accept Bitcoin payments, citing environmental concerns due to the high energy consumption in cryptocurrency mining. This led to a significant drop in Bitcoin's value, demonstrating the power of Musk's influence on the market. 

At the same time, Elon Musk's love for Dogecoin has been well-documented. His frequent tweets and endorsements have caused the coin's value to surge, often followed by a subsequent drop. This volatility has left many investors and traders questioning the long-term implications of Musk's involvement in the crypto space. 

## The ripple effect of Elon Musk crypto tweets 

Elon[ Musk's tweets](https://www.cnbc.com/2021/02/08/tweets-from-elon-musk-and-celebrities-send-dogecoin-to-a-record-high.html) about cryptocurrencies have sent the market on a rollercoaster ride. In early 2021, Dogecoin's value skyrocketed by more than 800% following Musk's tweet, demonstrating his far-reaching influence on the crypto market. 

Musk's humorous and engaging tweets often spark debates, such as when he criticized Bitcoin's energy consumption, causing its value to drop by more than 10%. 

Even subtle actions like adding "#bitcoin" to his Twitter bio led to a [20% increase in Bitcoin's value](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3778844), a phenomenon dubbed the "Musk Effect". 

Social media platforms like Twitter play a critical role in the cryptocurrency market, facilitating communication and information sharing among investors and enthusiasts. However, this can be a double-edged sword, introducing unpredictability and volatility to the market while empowering small investors. The impact of influential figures like Musk on the market remains a topic of debate. 

## Social media's role in the crypto market 

Musk's crypto tweets are just one example of how social media can shape the crypto market. Platforms like [Twitter](https://twitter.com/home), [Reddit](https://www.reddit.com/), and [Telegram ](https://telegram.org/)have become hotbeds for discussions about cryptocurrencies, with users sharing news, analysis, and predictions about the market. These discussions can significantly impact the market, as evidenced by events like the GameStop short squeeze and the rise of meme-based cryptocurrencies like [Dogecoin](/news/article/elon-musk-twitter-dogecoin). 

Social media also allows for the rapid dissemination of accurate and misleading information. This can lead to market manipulation and misinformation, harming the market's stability and credibility. 

Despite these risks, social media has also been crucial in fostering community building and education in crypto. Platforms like YouTube and Twitter have enabled experts and enthusiasts to share educational content on cryptocurrencies, making it easier for newcomers to learn about blockchain technology, trading strategies, and investment opportunities. These communities often provide valuable feedback, support, and promotion for cryptocurrency projects, contributing to their success. 

Influencer marketing has become another significant aspect of social media's impact on the crypto market. Crypto influencers with thousands or even millions of followers can drive tremendous interest in specific cryptocurrencies, impacting their market value with just a single tweet or post. 

While this can lead to increased adoption and awareness, it also raises concerns about market manipulation and the potential for pump-and-dump schemes, where influencers artificially inflate [cryptocurrency prices](/news/article/bitcoin-up) before selling at a profit. 

## Conclusion 

In conclusion, Elon Musk's impact on the cryptocurrency world is undeniable. His comments and tweets have significantly influenced the market, leading to both positive and negative implications. 

While his passion for cryptocurrencies is evident, the long-term effects of his influence remain to be seen. As the industry continues to evolve, it will be crucial for investors, traders, and enthusiasts alike to make informed decisions that are based on more than just the latest "Elon Musk crypto" tweet. 

Blue image of crypto exchange with Elon Musk in foreground

Elon Musk crypto influence: Market implications

Chances are, if you are well connected with crypto news and updates, you have been seeing a lot of Quantum AI on your timeline. 

According to Elon Musk, Quantum AI is the next big leap. So much so that he has decided to sideline his work with Twitter, SpaceX, and Tesla to dedicate time to this newfound technology that he apparently has been secretly developing for the last three years! 

What is more? Alphabet CEO Sundar Pichai has also been testing this technology for two years and already has some gains to boast about. 

If any of this sounds real to you, then you owe us a few bucks because we just saved you from getting scammed! 

## Background 

Quantum AI is a trading platform "allegedly" developed by Elon Musk and hyper-marketed as the next big leap in crypto trading through social media advertising campaigns by affiliate marketing. 

The trading platform claims that it is faster, stronger, and more secure than anything that has been put on the market yet. Perhaps more than anything, the boast of opening traders to earnings of more than $1,320 in less than five hours of trading and "erasing poverty" through this trading model is what gives it all away. 

## What even is the Quantum AI scam? 

Quantum AI is a trading platform that has been maliciously attacked by groups trying to create multiple fake Quantum AI alternatives under the same name. 

Unfortunately for the authentic and real Quantum AI, these alternatives use high-power affiliate marketing tactics to grab and retain customer attention. This has grossly tainted the market positioning of the real Quantum AI. 

Even at this moment, you would find tens of Google results on different types of Quantum AI under the same name, many for Google’s own [Quantum AI software](https://quantumai.google/) (which is legitimate, of course). 

## Why is this happening? 

We all know how much AI has emerged into the mainstream since the advent of OpenAI and Chatgpt. Everyone wants to learn more about machine learning and AI these days. 

Couple that with one of the highest-grossing branches of physics, "quantum physics", and combined, they offer an attractive soundbite to viewers. As a result, many marketers worldwide use such soundbites to get a higher number of clicks and more market relevance. 

As viewership and clicks increase in response to these marketing tactics, scammers catch a whiff of the traffic generated through this kind of nomenclature. As a result, you get a situation such as this, where every Tom, Dick, and Harry with no real knowledge and expertise in either AI or quantum physics can muster up a half-working trading platform and call it Quantum AI. 

## How were the Quantum AI scams so successful? 

A consumerist society with a strong appetite for soundbites failing to regulate new products/markets and make responsible financial decisions is all that scams such as these need to work and succeed. 

There are a number of tools that many of these scams employ to make themselves sound as legitimate as possible. 

- The influence factor - Quantum AI frauds have made use of deep fake technology and have also tampered with pre-existing video recordings of major business tycoons such as Elon Musk, Sundar Pichai, and countless others to make it look as if these celebrities are endorsing and marketing these scams as actual solutions to poverty. Since many people follow these influencers blindly, they do not thoroughly certify the credibility of these campaigns and end up buying into these scams, fueling the sentiment WITH them, and preparing the industry for disaster. 

- Usage of makeshift trading tools - Using tools such as Signaling Panels, Pivot Tables, TREND analysis software, and even MACDs, many of these fake trading platforms try to work very hard on their visuals so that they can look as appealing as possible to a trader. These tools suggest to a trader that the platform they are trading through is legitimate and uses appropriate protocols. 

- Riding on the back of trends - Changing legal frameworks, such as acceptance from the European Commission, is an example of new changes in the market that scams like the Quantum AI scam excel at juicing. They can convince the end trader that the recent support rendered to the industry is a proverbial testament to the idea that things will only improve in the market. This is done to put the trader under a false sense of security. As a result, many traders do not realize the scam they are being put into because they hope for good results.  

For more on how these scams work, you may find [scam crypto robots ](https://scamcryptorobots.com/quantum-ai-review-scam/) helpful. 

## How can you spot these scams? 

There are ways to hedge against these scams. 

- First, you can ensure that every product that comes your way goes through standardized scrutiny protocols, no matter who seems to be endorsing it. 

- Keep an eye out for click-bait action. Make sure your spider senses start tingling as soon as you read over-the-top statements in a product’s objective statement. 

- Look for licensing and some central certification. Even though most creative scams can source fraudulent certificates, this habit of due diligence should hedge you against most scams. 

- Learn how to read reviews. If reviews start to sound like scripted lines out of a TV advertisement, BOUNCE! 

- Ensure you install the appropriate malware safeguards on your computer/device. Most anti-malware software can read into a web address's lack of security protocols. They proceed to block ads and even block certain kinds of attacks on your IP address. 

- Lastly, do not be lured into the scam by payout claims. Your curiosity/greed can very much cause the end of your trading days. 

## Conclusion 

Despite employing so many safeguards, it is still extremely difficult to ensure you are good to go into the devious crypto world. 

These scams are the primary reason why once-active users/traders have started to leave the crypto umbrella. 

If scams like "Quantum AI" are not sufficiently hedged against, they could eat into the market completely and devoid the world of potential innovations that are still within scope. 

Having said that, these scams have been ridding the market of unsophisticated customers/traders, which might lessen the speed and likelihood of bubble creation in the crypto space. Here is a piece that [can offer deep insight](/news/article/crypto-scams-failing) into that. 

red image of man reading code on a computer

Quantum AI: Is That a Scam I Smell?

Dogecoin [Twitter](/news/article/twitter-elon-musk-acquisition) yields millions of results across all search engine platforms. While the [Shiba Inu-inspired](/news/article/akita-inu-coin) digital asset is a cryptocurrency and Twitter remains one of the most patronized social media networks, the paths of technologies continue to cross largely due to their association with [Tesla Mogul](/news/article/bill-gates-elon-musk-warning) and SpaceX Chief Executive Officer (CEO) Elon Musk. 

The billionaire businessman dumped Bitcoin (BTC) in 2021 and accepted [DOGE ](https://www.tesla.com/support/dogecoin#:~:text=To%20purchase%20using%20Dogecoin%20on,software%20that%20supports%20Dogecoin%20transfers.)for payments on the Tesla Shop.  

Having supported the cryptocurrency over the past three years, leading to more than 10,000% returns in the portfolios of DOGE holders, many analysts are asking whether the memecoin started by Jackson Palmer and Billy Markus could become the primary transactional currency for activities on Twitter. Is Dogecoin Twitter on the way? 

## Dogecoin Twitter: DOGE processes more transactions than most POW coins  

Dogecoin was forked out of Charlie Lee's Litecoin (LTC) – the second cryptocurrency to hit the decentralized finance (DeFi) economy in 2011. Instead of relying on Bitcoin's algorithm, which saw the first blockchain process less than [30 transactions per second](https://cointelegraph.com/learn/dogecoin-vs-bitcoin-key-differences#:~:text=The%20Dogecoin%20confirmation%20times%20lead,less%20volatile%20than%20Bitcoin's%20price.), DOGE tapped into the SCRYPT algorithm, which confirms transactions quickly. 

Additionally, SCRYPT also helps generate several DOGE, handles many transactions, and takes a short period in mining blocks in the network.  

This is why its blockchain processes more than 30 transactions per second and thousands of transactions daily. 

As of 10:00 UTC on 18 April, DOGE was involved in approximately 21,000 transactions in the previous 24 hours. Its ability to process more transactions corresponded with a relatively lesser transaction fee of $0.3131 (below $1), data from [CoinDesk](https://www.coindesk.com/price/dogecoin/) showed.  

Around 300,000 individuals and business organizations had a blue tick on Twitter before the announcement of the subscriptions came through after Elon Musk's takeover. 

While businesses are being given gold tickers instead of blue, with the latter reserved for individuals, certain organizations such as [New York Times](https://www.reuters.com/business/media-telecom/new-york-times-says-it-wont-pay-twitter-verified-check-marks-2023-04-02/#:~:text=April%202%20(Reuters)%20-%20The,on%20the%20social%20media%20platform.) and [the Washington Post ](https://edition.cnn.com/2023/03/30/media/news-organizations-elon-musk-twitter-checkmark/index.html#:~:text=The%20Washington%20Post%20said%20it,longer%20represent%20authority%20and%20expertise.%E2%80%9D)have disclosed that they would not be forking out money for the subscription service.  

Despite this, many organizations have subscribed to the service, and so have certain individuals.  

Should the 300,000 ticker holders stand, or if the number increases, by being able to process around 20,000 transactions daily, if DOGE was to be adopted by Twitter as its primary payment method, it could settle all transactions within 15 days. That's one reason why Dogecoin Twitter could happen. 

## Dogecoin Twitter: Will DOGE be adopted?  

Dogecoin was initially unknown as a mainstream cryptocurrency because it was seen as a joke digital asset that poked fun at Satoshi Nakamoto, an unknown individual who tried to challenge the centralized finance status quo. 

Despite its joke beginning, the influence of Elon Musk continues to reflect positively on the fortunes of the digital currency. The current owner of Twitter continues to tease the idea of a possible adoption due to certain activities on the platform in April. 

To the surprise of many users and crypto lovers, Twitter [changed its logo ](https://www.cnbc.com/2023/04/03/dogecoin-jumps-over-30percent-after-twitter-changes-logo-to-doges-symbol.html)to Dogecoin for a brief period on 3 April. DOGE [opened the day at $0.07909](https://coinmarketcap.com/currencies/dogecoin/historical-data/) and, on the back of the feature upgrade, soared by 30% to a yearly high price of $0.1026. While DOGE fell to an intraday low price of $0.07663 and eventually closed the day at a much-improved price of $0.09608, many market enthusiasts felt the enormous influence of Twitter’s decision on the market value of the meme-inspired coin.  

In the process, investor interest also reached a yearly peak of roughly $3.5 billion. This took the project's market capitalization to around $13.3 billion, data from crypto price tracker CoinMarketCap showed.  

Before becoming the owner of Twitter, Elon Musk [tweeted](https://twitter.com/elonmusk/status/1485953263040188416?lang=en) in January 2022 that he would consume a meal on television if the American multinational fast food chain McDonald's accepted Dogecoin as a payment method. 

Although the whispers of adoption continue to be on the horizon, this is not the first time Elon has supported a cryptocurrency.  

Many Dogecoin holders think the cryptocurrency they continue to hold could see mainstream adoption soon. [An Elon Musk-owned company](/news/article/spend-elon-musk-money) once adopted Bitcoin (BTC) as a payment method in March 2021. This sent the largest digital asset by market capitalization to a then all-time high. Three months later, in May 2021, Tesla announced a discontinuation of the service. This began a five-month bearish cycle that crippled the blockchain-powered economy.  

## Conclusion 

Dogecoin Twitter could happen in the future, but DOGE holders should consider other price drivers as the crypto market is not one way but bullish and bearish. 

doge dogs and elon musk on image of Twitter app

Dogecoin Twitter: DOGE the New Payment Method?

[FLOKI](https://coinmarketcap.com/currencies/floki-inu/), the novel token of the Floki ecosystem, has spiked by approximately 390% since the start of 2023, data from cryptocurrency price tracker CoinMarketCap showed.

The cryptocurrency has benefited extensively from the [crypto](/news/article/uk-crypto-atm-raided-by-financial-regulator) market's rebound this year after the entire sector plunged to new lows on the back of a bearish outlook in 2022 that saw many firms reduce their headcounts. 

While some analysts have attributed the price spike to industry-wide gains, the increase in the [token's](/news/article/robotera-metaverse-token-presale) value is largely down to accomplishing milestones and setting up new ones.

## Floki price jumping as a result of the roadmap 

On 21 February, the crypto company published its [roadmap](https://realflokiinu.medium.com/floki-2023-roadmap-8532b29ad63b) for the year. While the first phase, which featured the launch of the project’s shop, a partnership with Binance Pay, an upgrade of the Valhalla Website, the development of a Chinese Whitepaper, and a partnership with Pyth Network has been completed, other developments are still in progress.

These milestones include the launch of the crypto asset on the OKX chain (which also houses the well-known cryptocurrency exchange OKX), integration with decentralized finance (DeFi) lending and borrowing protocols, the first major upgrade of Floki Finance, and the first phase of staking.

The second phase of staking, the redesign of Floki Finance, and the release of the Debit Card will come off in phase two, while Floki Finance Project TL and University of Floki (phase three) and Valhalla Mainnet launch, Valhalla Chinese Version, and the project's Mystery Project will follow accordingly in phase four.

In crypto, prices are normally driven by the adoption of a cryptocurrency by a mainstream company as a payment method, the addition of a coin or token by a major exchange, and the provision of staking services, which brings passive income to traders and investors.

Since the digital currency has triggered two of the three price drivers (staking and exchange listing), it explains why it reached a yearly high of $0.00006684 on 16 February. 

## FLOKI price gains dwarf Shiba [Inu](/news/article/akita-inu-coin) and Dogecoin

While Dogecoin (DOGE) and Shiba Inu ([SHIB](https://coinmarketcap.com/currencies/shiba-inu/historical-data/)) continue to dominate the meme-inspired digital currency sector of the crypto economy, their gains are smaller than the coin named after [Elon Musk’s](/news/article/elon-musk-twitter-dogecoin) pet. 

While FLOKI holders have seen their portfolios rise more than three-fold, (SHIB) has increased by 8% while [DOGE](https://coinmarketcap.com/currencies/dogecoin/) has gone up by 20% since 1 January.


price chart in green with the floki inu logo of a dog and helmet on

Floki Price Jumps More than 300% Year-to-Date 

After the euphoria of 2021, last year proved to be a massive disappointment, with many new to crypto losing large amounts of money. One sector that felt the chill of the crypto winter was NFTs - from the highs of 2021, the NFT market cap currently stands at $10.5 billion, leaving many to ask – are NFTs dead?

As a quick recap, an NFT is a digital certificate of authenticity that can represent ownership. However, for now, most NFTs are created to represent digital media, be it artwork, music, or 3D images. In the future, NFT use can extend to contracts, ticketing  - in fact, any real-world product or event where digital ownership is needed.

## Reasons to be optimistic

As I mentioned above, the value of the NFT market today is some $10.5 billion and [counts for 1.03% of the total cryptocurrency market cap](https://coinmarketcap.com/view/collectibles-nfts/). A large sum by anyone's reckoning.

Some people see the picture rather differently. They believe that the end is near due to the massive decrease in NFT trades from the highs of January 2022.

So other than market value, what are the reasons for us to feel optimistic about the future of the NFT? There are many, but let's take a look at five of the strongest reasons to be cheerful ~
Inflation caused worldwide markets to dump, not just NFT
The fallout from two years of the COVID-19 pandemic was almost inevitable. The response to unlimited currency printing resulted in a real-time fall in the value of goods and services, aka inflation. 

This insidious metric has risen in every corner of society, from stocks to commodities to everyday goods, resulting in higher prices across the board. However, all is not lost. The US and the UK have recently recorded drops in the inflation rate, with further falls expected as we progress through the year. This is encouraging for anyone looking to invest a little spare cash into crypto and NFTs.

## Many major brands looking to launch NFT

Many mainstream brands such as Budweiser, Gucci, and Nike have launched or are planning to launch NFT collections soon. NFTs and the Metaverse go hand in hand - Nike fans will be able to purchase a pair of digital sneakers for $50. Nike's platform is built on Polygon. To interact, users simply have to set up a digital wallet and load it with either ETH or MATIC crypto.

## Bored Apes still trending – partnership

Despite the massive drop off from the highs of 2021, one of the most talked about NFT collections – the Bored Ape Yacht Club – is still proving popular with its legions of fans. At its height, one BAYC digital artwork sold for $3.6 million, with another going for $1.7 million. Recent data from Google has shown that searches for BAYC are increasing. In what is certainly a nod to the future of the NFT, [a self-described BAYC whale just parted with $900k to buy 69 DeGods NFTs](/news/article/bored-ape-whale-buys-69-degods-nft).

## Elon Musk and Twitter

Unless you live under a rock, you will be aware that famed entrepreneur Elon Musk finally put pen to paper and purchased the social media platform Twitter. Musk makes no secret of his love of all things crypto, especially given his close association with DOGE coin. If, as many suspect, he makes DOGE the native currency of Twitter, this is expected to provide a huge boost for the legitimacy and, indeed, use of crypto. In perhaps a sign of things to come, NFT Twitter fans can now display their digital art as part of their profile picture.

## Continued evolution

As mentioned above, NFTs are closely related to the Metaverse in the form of digital items users can create, trade, and use on their whim. The future of gaming is virtual, as what we know of as video games changes at a rapid pace. The rise of the mobile Play to Earn gaming concept has seen significant growth in the Far East, allowing players to create and trade their precious digital items. While this has not entirely caught on in the West, many industry experts believe an integrated commercial environment that allows players to trade and earn via NFTs is not from being a common reality.

## The future

There are many reasons to be upbeat about the future of the NFT.

However, as I mentioned above, apart from digital artwork, there is a real need for NFT use cases in wider society. This is mainly due to their ability to determine a unique and non-transferable (non-fungible) good or service. It must be remembered that no NFT can be traded on a like-for-like basis (unlike traditional crypto). This ability to uniquely identify without being copied, substituted, or sub-divided brings value to an NFT.

The concept behind the NFT is relatively simple. This digital certificate then exists on a blockchain which can be accessed and viewed by anyone, thus proving ownership, digital or otherwise. 

NFTs have the ability to revolutionise a wide variety of traditional industries radically, [none more so than real estate](https://butterflymx.com/blog/nft-real-estate/). As we are all probably aware, the house purchase process in the UK is far from ideal, with endless documentation and last-minute gazumping a common reality.

Now imagine a future where buyers and sellers agree a price and use a third-party escrow account to manage the purchase. Once complete, the deeds to the property are transferred in the form of an NFT, which exists on an immutable blockchain. This is a great example of how distributed ledger technology will directly impact the fabric of our future lives. With estimates of a $230 billion market valuation by 2030, there has never been a better time to consider investing in NFTs.


Are NFTs dead? An Investigation

Dogelon Mars is back in the news. With a current market capitalization of $183.38 million and a circulating supply of 549,040 billion tokens, [Dogelon Mars](https://twitter.com/dogelonmars?lang=en) is ranked number 152 in the list of cryptos by market cap. It is one of the Dogecoin-themed meme coins.

Dogecoin received some promotion from Elon Musk via a series of tweets in December 2019, leading it to become one of the most sought-after altcoins that produced a massive price appreciation.

Subsequently, various altcoins were created, either bearing semblance to the symbol of Dogecoin (such as Shiba Inu, the name of the dog features as Dogecoin's logo), or by having some labelling with Elon Musk's name. These meme coins found success for a while, but the crypto market downturn has erased the meme effect and left the coins to find their feet on their own value.

## Dogelon: the story so far

In April 2022, a petition was started on Change.org urging Binance to list Dogelon Mars on its exchange. At that time, it was approaching a $1 billion market cap and seeking 25,000 signatures. In October 2022, rumours of a potential listing by Binance surfaced, and the token shot up 4,194%. However, this listing did not materialise. In the following months, Dogelon Mars gave up all these gains. This is not the first time rumours of a Binance listing have dogged the token. Some of these rumours date back to 2019, but have never resulted in anything substantial.

The gains seen in the ELON token this January are not linked to any listing rumours. They have come as the entire market witnessed a slight push to the upside. The recent market gains result from a shift towards risky assets after data from the US indicated a cooling of consumer inflation. The drop in the US Consumer Price Index has led to bets that the Federal Reserve would force down the size of future rate hikes, with 25 basis points being the preferred number.

This is exerting a downward pull on Tether (USDT) and other USD-pegged stablecoins, allowing tokens like ELON to enjoy a level of price appreciation. While the 19% gains seen this January is a far cry from some of its earlier improvements, the Dogelon Mars community seems excited by what they perceive as a renewed push by the meme coin to get back some of its old shine. The fact that 18,448 people have signed the Change.org petition as of writing is a testament that there are still those who want to pressure Binance to list the ELON token.

The push to get listed on Binance came when there was no clear-cut information about its tokenomics and what value the project would add to the crypto ecosystem. At the time, it seemed that everything that Binance touched turned to gold. 

Even tokens that were floundering on other exchanges got a shot in the arm that turned them into a speculator's delight. It was clear then that the promoters of the Dogelon Mars petition were out to cash out big from every token that had some kind of association with Elon Musk or Dogecoin, either by name or otherwise. That attempt may have worked in October 2022, but it is clear that it has failed miserably in the long run.

The deepening winter in the crypto market and the fallout of the collapse of FTX, Celsius, AAX, and several crypto exchanges and lending platforms means it will be harder for tokens to command appreciation from just a mention of a purported Binance listing.

## Dogelon Mars: What does the future hold?

If Dogelon Mars is to rise from the ashes, the team behind the token has to return to the drawing board and think out a strategy to shift this coin from being just another meme coin to something of real value to the ecosystem.

They need not look too far. [Shiba Inu](/news/article/shiba-inu-news-will-it-rise) was the first meme coin patterned after Dogecoin. It rode the speculation train for a while until the team decided to reconfigure the project to extract value for both project owners and token holders. The SHIB project now boasts a robust ecosystem of its own, featuring three tokens (BONE, Shiba Inu and Leash) and the Shibarium Layer 2 protocol. A launch into the Metaverse is scheduled for 2023. The recent resurgence of the Shiba Inu and BONE tokens is not accidental. The Dogelon Mars team needs to follow a similar pathway to make the ELON token a thing of value. The meme effect is not going to cut it going forward.

## Conclusion

The current price action on Dogelon's pairing with Tether (the most traded pair of this asset) indicates the brief upside move that has taken it from the low of November/December 2022 to its current levels appears to have stalled. This situation is in keeping with the current expectations.

The 19% move higher was only a drag effect exerted by Bitcoin on the entire market. For Dogelon Mars to witness any real price recovery to its previous highs, there has to be a concerted effort by its developers to create value from the ecosystem. 

Otherwise, the ELON token may fall by the wayside even before the market takes a turn for the better.

There is still time for the developers behind Dogelon to make the necessary changes. Shiba Inu is a classic example of how value addition can make all the difference in a token's valuation.


Is Dogelon Mars a Buy After the Recent Upside?

So, Elon Musk finally put pen to paper and bought Twitter. This is probably the highest-profile business deal of 2022.

Long regarded as 'broken', Twitter had fallen into a bad place under previous CEO and founder Jack Dorsey. Users regularly complained of too much spam, counterfeit accounts, and automated reply bots making the platform impossible to use, especially in a business context.

And so, Elon Musk decided to step into the fray with an audacious $44 billion bid. Although initially rejected, it was finally inked on 27 October. 

Let's look at what motivated the Twitter Elon Musk purchase, and what the future may hold for the much-maligned platform.

## Twitter Elon Musk deal

Twitter currently has around 450 million monthly users, with some 237.8 million 'monetizable' daily users. The USA is its most prolific market. Around 24% of all US adults (79m) have accounts, with 40% of all Twitter users aged between 18 and 29, [according to research](https://blog.hubspot.com/marketing/twitter-vs-facebook).

Facebook remains the world's largest social networking site, based on user engagement. Twitter languishes at the bottom of a long list, below even the freeware instant messaging app Kik.

This massive user base with declining engagement goes some way to explain Musk's motivation and desire to transform Twitter into the '[de facto public town square](https://twitter.com/elonmusk/status/1507777261654605828)'.

## Rock solid

Elon Musk is a prolific Tweeter. His average of 16.8 tweets a week compares to the 11.55 from 'similar accounts' (presumably CEOs with large social media presence). Frequent use of the platform may explain the desire behind the Twitter Elon Musk deal, alongside wanting to, in his words, 'help humanity'.

In the three weeks after the deal completed, as promised, a lot happened. First, Musk has committed to firing much of the workforce, with the remaining employees encouraged to quickly 'build and launch new products'.
Secondly, Musk removed the requirement that users validate their accounts in return for the blue check mark. 

Instead, users can purchase this authentication for a monthly fee of $7.99. This encountered myriad problems and, consequently, Musk postponed the rollout until 29 November to 'make sure it is rock solid'.

## Monetization

This may give us an indication of where Twitter could head in the not-too-distant future. The monetization of social media platforms is a hot topic, with many viewing it as an [inevitable step in developing the medium](https://www.disciplemedia.com/community-monetizations/social-media-monetization/).

It is well known that Elon Musk has a strong association with the popular cryptocurrency Dogecoin. Indeed, other than buying a brand-new Tesla, [Dogecoin](/news/article/should-i-buy-dogecoin) is now accepted by a growing number of online and in-store merchants, including GameStop, AMC Theatres, and Twitch. With this information in mind, many believe it has become only a matter of time before Twitter becomes monetized.

Social media monetization has been widely discussed in recent years. It is a concept that spans a wide variety of formats depending on the platform, use case, and audience. Monetization is a huge area and would signify a step change for the industry.

## Micropayments

The potential for users to generate income from their content or producers and suppliers of goods and services to utilise an inbuilt platform payment system has [fascinated the crypto world](https://futuristspeaker.com/business-trends/the-emerging-crypto-micropayments-industry/) for many years.

However, for this to become a reality, platforms like Twitter and Facebook need the right micropayment processor for their needs. When you are processing thousands of transactions per minute, it is essential that you not only have the network capability to handle that amount of traffic, but it is also imperative that transaction fees are kept to a minimum.

With this in mind, the close relationship between Twitter, Elon Musk, and [Dogecoin](/news/article/dogecoin-to-gbp) becomes a little clearer. It points a clear path toward the future for both social media and distributed ledger technology.



blue image of the twitter homepage with elon musk standing, arms folded in the foreground. The image represents his acquisition of Twitter

Twitter Elon Musk Acquisition: What Now?

Elon Musk, the CEO of both Tesla and Twitter, [tweets his thoughts on Sam Bankman-Fried's reported donation to the Democratic Party](https://twitter.com/elonmusk/status/1598993109786189826). Musk believes the co-founder and former CEO of the defunct cryptocurrency exchange FTX sent far more money to the party than what was officially acknowledged.

Replying to a tweet by Will Manidis, CEO of ScienceIO, which mentioned that SBF donated $40M to the Democrats, Elon said he believes the amount contributed by the former CEO of the fallen crypto exchange FTX is far bigger than what has been publicly announced.

![elon.PNG](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/elon_2943e6d6a1.PNG)

## SBF donating to political parties - Not for the first time

It is not the first time San Bankman-Fried has donated to a political party. He has previously acknowledged giving to the Republican Party in a covert manner.

 In 2020, he was reported to have given $10 million to assist Carrick Flynn, a failed Democratic candidate for a House seat in Oregon, while also giving $5.2 million to Joe Biden's presidential campaign.

He gave Democrats $39,884,256, according to Opensecrets, before FTX collapsed and had to file for [bankruptcy](/news/article/ftx-bankrupt-who-to-blame). The exchange meltdown caused millions of dollars in losses for investors and users. A probe into FTX's handling of consumer money improperly is now underway. The fall of FTX sparked a contagion that has caused several other platforms and [companies to struggle and some to collapse](https://cryptopotato.com/how-wide-does-ftx-contagion-spread-the-affected-companies-so-far).

Then Elon Musk tweets his allegation that the publicly declared $40M donation is incorrect and the actual amount could be anything above $1B. The internet is already flooded with articles and comments alleging that Bankman-Fried donated this amount to a political party to avoid going to jail.

Meanwhile, SBF has been invited to participate in an investigational hearing set on 13 December, 2022, by Democratic House Financial Services Committee Chair Maxine Waters and Republican Ranking Member Patrick McHenry.

The crypto community, alongside investors who lost their money in the FTX fall, is angry and waiting for justice. What is the future of SBF and will the investors get their money back? These are some of the questions people are looking to get answers to. Clarity will only come after a proper investigation.


Elon Musk Tweets 'Where Did the Money Go?'

There is trending speculation of a rumoured Elon Musk Twitter Dogecoin arrangement. This rumour was spiked by the latest tweet about Twitter's new look, which Twitter's new CEO, Elon Musk, called "Twitter 2.0 Plan" - "The everything app".

This has made investors excited about the possibility of the [cryptocurrency DOGE](/news/article/elon-musk-twitter-deal) being integrated into Twitter. 
This recent disclosure, in a tweet yesterday, by Musk - who shared lots of slides on "Twitter company Talk" albeit without any mention of Dogecoin - saw the DOGE price surge to 19.4% from $0.089 to $0.107 before cooling off to $0.096, [as reported by CoinDesk](https://www.coingecko.com/en/coins/dogecoin).

![Picture2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture2_1cf9f20662.png)
 
However, [according to Coinbase, the price of Dogecoin, which has been on the rise by 26.75%](https://www.coinbase.com/price/dogecoin) in the past seven days, declined by 0.72% in the last 24 hours. In the past hour, the value increased by 1.83%. The current price is $0.096255 per DOGE. Dogecoin is 86.99% below the all-time high of $0.74.

You will recall that on 16 May, Musk tweeted a mock-up of what he called "Twitter 2.0" that included a Dogecoin tip button. The tweet sent Dogecoin's price soaring by nearly 30% in just a few hours. Musk, now Twitter's biggest shareholder, has been a long-time supporter of Dogecoin, [often tweeting about the cryptocurrency and even calling it his "favorite" coin](https://www.google.com/amp/s/www.coindesk.com/markets/2019/04/02/elon-musk-calls-dogecoin-my-fav-cryptocurrency/%3foutputType=amp). 

## Elon Musk Twitter Dogecoin Rumours

In another tweet, world-renowned golfer, Matt Wallace, said, with a hashtag:

"#Dogecoin Acceptance for Twitter Blue Would Be Awesome."

This tweet further deepened speculation on the future of a Twitter Dogecoin payment integration arrangement.
 
![Picture1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_1ed3d1e487.png)

If Twitter were to integrate Dogecoin into its platform, it would give the cryptocurrency a major boost in exposure and could lead to more mainstream adoption.

More rumours abound amid speculation that [Twitter may be working on a wallet prototype that supports cryptocurrency deposits and withdrawals](https://cointelegraph.com/news/twitter-will-do-lots-of-dumb-things-in-the-coming-months-elon-musk/amp). That, plus an announcement of [an $8 monthly subscription model](https://cointelegraph.com/news/crypto-fans-should-get-behind-elon-musk-s-subscription-model-for-twitter/amp), led to a 40% surge in price.


Elon Musk Twitter: Dogecoin Spikes Over 

The[ Twitter takeover](/news/article/elon-musk-twitter-deal) by Elon Musk has driven the Dogecoin price higher at various points in the last few weeks. This was because the CEO of Tesla and SpaceX has long been a firm supporter of the coin. Several of his tweets and statements have previously been seen to influence the coin's position. However, revelations made recently about Musk's plans for Twitter have not been favourable to [Dogecoin](/news/article/dogecoin-to-gbp).

## Musk wants Twitter to have new leaders.

Musk [revealed](https://finance.yahoo.com/news/elon-musk-says-expects-reduce-163849041.html) on Wednesday that he expects his time at Twitter to be reduced as he looks for new leadership for the company. He previously fired CEO Parag Agrawal, other top executives, and the entire board of directors. Now, the billionaire intends to hire someone to run the social media company in his place.

Musk revealed this during his testimony in Delaware court in defence of Tesla's $56 billion pay package. He explained that he would stay for the time being because the company needed to be reorganised as a result of the acquisition. He does, however, explain that once Twitter is in a strong position, he will bring in new leadership.

Jack Dorsey, the former CEO and founder of Twitter, had responded negatively to a question about whether he would be open to returning as CEO. Dorsey is already working with BlueSky, a decentralised social media competitor to Twitter.

## Dogecoin Twitter impact

Dogecoin's value has recently been tied to the possibility that Elon Musk will initiate a Dogecoin Twitter integration Initially, making DOGE one of the cryptos used for the "Tip Jar" feature was expected. However, there are now calls for the memecoin to be added as a payment mode for "Twitter Blue".

However, Musk has yet to say anything definitive about a Dogecoin Twitter integration. This is despite the Tesla CEO's continued support for DOGE and promotion of it as the ["people" crypto](/news/article/doge-crypto-elon-musk).

[Dogecoin](/news/article/should-i-buy-dogecoin) (DOGE) has dropped 20.10% to $0.08, following the broader market sell-off and in response to [FTX and Binance's](/news/article/ftx-vs-binance-liquidate-funds) moves.

Investors are concerned that Dogecoin's decline could be a starting point for price destruction. These jitters may end the DOGE bull run in 2022 with a year-end price of $0.06.


What do changes to Twitter mean for Dogecoin?

[Elon Musk’s Twitter](/news/article/elon-musk-twitter) deal has been finalised and he has taken over the company. The news seems to have had a positive influence on Dogecoin ([DOGE](/coins/doge)). The meme coin has continued its bullish market run for a second consecutive day. In July 2022, it made it to our list of "[altcoins to watch](/news/article/altcoins-to-watch-2022)”.

On 10 October, 2022, Dogecoin touched its monthly high of $0.084448. Its price climbed by nearly 17%, with the trading volumes peaking by 196% in the past 24 hours.

Besides, DOGE has also made substantial weekly gains as it soared by 31%. With that, it became the highest performer among the 20 largest cryptocurrencies by market cap. 

However, now its price is down by 5.3%, and it is worth $0.073775, according to [Coingecko](https://www.coingecko.com/en/coins/dogecoin). Nevertheless, over the past two months, Dogecoin’s price hovered around $0.05 to $0.06. Musk closing the deal with Twitter has boosted its position in the market, giving some hope to the Dogecoin investors.

On the other hand, as the DOGE’s value soared, investors [liquidated](/news/article/sell-doge-guide) their futures positions. Data insights from [Coinglass](https://www.coinglass.com/LiquidationData) suggest that around $8.69 million of funds were liquidated in the last 24 hours. 

Apart from that, the overall [crypto market](/news/article/crypto-fear-and-greed-index) has not seen a bullish run. Most cryptocurrencies experienced a flat or negative movement. But the meme coins, DOGE and SHIB, saw a positive price action. Shiba Inu’s value has increased by 7.8%, trading at $0.00001123.

## Elon Musk Twitter deal

Elon Musk’s ‘let that sink in’ move apparently triggered a positive movement for Dogecoin. He took to Twitter to announce his [takeover](/news/article/spend-elon-musk-money) of the company distinctively. 

The CEO of SpaceX and Tesla has been a supporter of [Dogecoin](/news/article/should-i-buy-dogecoin) for a long time. Several of his tweets and statements have been seen to influence the coin’s position in the past too. As he has acquired the company, it is experiencing a bullish movement. Many now accuse Musk of market manipulation whilst others see Musks net worth billionaire status and experience as an entrepreneur for companies like Tesla as a great way to boost awareness and credibility of the cryptocurrency market. 



Elon Musk Twitter deal boosts DOGE by 140%

Tesla boss, Elon Musk has a history of engaging in keyboard wars on social media outlet Twitter with many notable names but one of the most infamous is his ongoing spat with Bill Gates.

It all supposedly kicked off in July 2020, the CEO of Microsoft suggested on CNBC's Squawk Box that Musk should reduce the number of controversial vaccination comments he makes and instead concentrate on developing electric cars and rockets.

Earlier this year in a tweet published, Elon Musk accused the billionaire co-founder of Microsoft, Bill Gates of placing bets up to half a billion dollars that the Tesla stock price would decline.

[According to reports](https://fortune.com/2022/05/05/bill-gates-elon-musk-tesla-short-climate-change/), In a text exchange Elon Musk sent Bill Gates the following message, "Sorry, I cannot take your altruism on climate change seriously when you have a big short position against Tesla, the company doing the most to tackle climate change."

Bill Gates responded to Elon Musk by stating that shorting Tesla does not entail betting against the future of the environment or the electric automobiles industry. 

Gates says shorting Tesla is just one of his many investments

[In an interview with the BBC](https://www.bbc.com/news/technology-61329167), Gates stated that his wager against Tesla has nothing to do with his advocacy for environmentally friendly initiatives and policies at the government level. 

"Climate change has absolutely nothing to do with it. I have various avenues for diversification", he stated in the interview. 

The growing market share of electric vehicles will inevitably give rise to increased levels of market competitiveness. There is a distinction between consumers adopting electric cars and businesses reaching their maximum potential value.

In an interview with French Youtuber Hugo Décrypte, Bill Gates mentioned he has invested a significant amount in sustainable finance to support companies that solve environmental and social issues.

"I give a lot more to climate change than Elon or anyone else," Gates said. "I give a lot of philanthropic dollars, I back companies - you know electric cars are about 16% of emissions, so we also need to solve that other 84%."

It is worth noting that Bill Gates plans to [donate virtually all of his wealth to the Bill and Malinda Gates foundation](https://www.theguardian.com/us-news/2022/jul/15/bill-gates-billions-fotune-donate-foundation), a non-profit dedicated to fighting poverty, disease and inequity around the world. 

Both men have contributed towards creating revolutionary technologies that have made the world a better place. This just show no matter how smart or successful people may be, personalities will always clash.


Bill Gates Tesla price warning annoys Elon Musk

For the CEO of Tesla, Elon Musk, base layer transactions of the Dogecoin (DOGE) chain are far more superior to Bitcoin and Ethereum’s.

Recently he commented on his support for Dogecoin, saying the token actually has “a much higher transaction volume capability than Bitcoin, and the cost of doing a transaction, the Dogecoin fee, is very low". 

"Right now, if you wanted to do a Bitcoin transaction, the price of doing that transaction is very high. So, you could not use it effectively for most things," he said.

In his latest pubic speech at the Qatar Economic Forum, Musk reiterated his support for DOGE although the meme-based cryptocurrency plunged from an all-time high of $0.76 in 2021 to a price of $0.068 at the time of writing.

Musk is currently facing a[ $258 billion lawsuit over allegations](https://news.monitalks.io/news/article/elon-musk-dogecoin) his companies SpaceX and Tesla are part of a racketeering scheme to back Dogecoin. He explained his love for the currency by saying he met many people who were not rich but who encouraged him to buy the token. “I am responding to those people,” he said.

He also clarified that while Bitcoin and Ethereum “are pursuing a multilayer transaction system”, their base layer transaction rate is slow and transaction cost is high. 

“There is merit to Doge maximizing base layer transaction rate and minimizing transaction cost with exchanges acting as the de facto secondary layer,” [he elaborated](https://twitter.com/elonmusk/status/1413396249546563586).

## Dogecoin more scalable than Bitcoin according to Mr Musk

When talking about the differing monetary policies between Bitcoin and Dogecoin, Musk said that low issuance rate could result in hoarding and discourage spending. 

Bitcoin cuts the issuance rate in half roughly every four years, while Dogecoin has an unchangeable issuance rate.

“It won’t need to reach visa speed, as regulated exchanges will act as de facto second layer. But the perfect should not be the enemy of the good – it is still good to increase base layer transaction speed & lower base layer transaction cost,” Musk concluded.

The thing is straightforward, after all -  Dogecoin is more scalable because of its layer-one protocol that doesn’t need one more network. The term layer-one is used to define the primary blockchain architecture. Layer-2, on the other hand, is a network that appears at the top of the underlying blockchain.

Even though Bitcoin advocates have been slamming Musk's tweets, saying he's making a groundless admonishment of the widely-adopted cryptocurrencies, the cost and speed of the Bitcoin blockchains have actually been problematic in the past. However, recent upgrades have improved both.


Elon Musk's view on base layer functionality

According to Tesla's newest Q2 financial statement, Bitcoin was one of the essential items that impacted the operating income.

As per the official data, the operating income improved year-to-year to $2.5 billion in the second quarter, resulting in a 14.6% operating margin.

"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla's statement said, adding: "Conversions in Q2 added $936M of cash to our balance sheet."

However, during the regular quarterly investor call, the company's CEO, Elon Musk, revealed that even though Tesla holds Dogecoin as well, it didn't convert any of that into fiat.

 "We still have it," Musk claimed.

Just a month before, speaking at the Qatar Economic Forum in Doha, Musk confirmed he supports Dogecoin, reiterating that Tesla accepts the currency as payment for its products. He also announced that his company SpaceX intends to do the same.

Musk says he intends to 'personally support' Dogecoin in response to the many people who are not wealthy and have encouraged him to buy and support DOGE.

## Tesla’s Musk – Bitcoin and Dogecoin advocate

Back before, Musk was [pretty vocal](/news/article/elon-musk-bitcoin) about owning Dogecoin. However, he never confirmed that Tesla or SpaceX have it in their portfolios. It is not known whether the assets left in crypto are remaining Bitcoin or, perhaps, Dogecoin.

If we try to calculate how much Bitcoin Tesla has left, we should look at the sheet where it says the company owned 42,000 Bitcoin heading into the second quarter.

After the company sold 75%, there should be 10,500 at the quarter's end. We can only presume that the snapshot was taken somewhere at the end of June when fiscal Q2 ended. At the time, 1 Bitcoin was worth somewhere between $18,750 and $20,300. This could mean that there are 10,500 coins, of which $197 to $213 million are Bitcoin.

Musk has been a crypto advocate for years and was pretty influential in market moves. In 2021 he helped Bitcoin jump after admitting Tesla bought some for its corporate vault.


Tesla Bitcoin Sale Confirmed by Elon Musk

Elon Musk  has found himself in the news again as The Boring Company, an infrastructure and tunnel construction services company owned by the serial entrepreneur announced that customers can pay for rides on its Las Vegas transit system “Loop” using Dogecoin (DOGE).

This announcement was made on Wednesday, July 6, per a report by Cable News Network (CNN). This news comes on the back of May’s announcement of SpaceX soon accepting Dogecoin as a payment option for merchandise, joining Tesla.

Loop allows passengers to travel in Tesla vehicles driven by humans at around 35 miles per hour (mph). Riders need to scan a QR code to buy a ticket. As of July 2022, Loop rides are free. 

With that said, the company plans on rolling out charges to passengers in the not-too-distant future. Despite the listing of DOGE as a payment method, customers who are not interested in the use of the meme-inspired currency are free to use other alternative methods of payment. 

In 2021, while [DOGE](/coins/doge) reached new price milestones, The Boring Company landed a great deal to construct more than 50 stations which is a part of a massive tunnel network underneath Las Vegas. 
 
This year has not been good for cryptocurrencies and the first meme-inspired digital currency has been one of the hardest-hit coins. 
As of 11:15 a.m. BST on Thursday, July 7, DOGE was down 90.76% from its all-time high (ATH) of $0.7376 recorded on May 8, 2021, per data from CoinMarketCap.

The coin was exchanging hands for $0.06879, had a trading volume of approximately $378.62 million, and this corresponded to a market capitalisation of around $9.12 billion. 

Despite the downturn of the market, this statistic is impressive since it maintains DOGE as a medium-cap digital asset (at least $2 billion and at most $10 billion in market value) which continues to make strides to reclaim its large cap status. 

Despite being [sued](https://www.monitalks.io/coins/doge) by an investor for billions of dollars lost in Dogecoin investments, Musk took to Twitter to say, “Support DOGE wherever possible.”





Elon Musk’s Vegas Loop starts accepting  DOGE payments

Staked ether (stETH) is a cryptocurrency with the same monetary value as Ether. However, it has been trading at a widening discount to the second-largest cryptocurrency in recent weeks, stoking the fires of a liquidity crisis in the crypto market.

The stETH discount first appeared last month, when the Terra blockchain network and its stable coin UST crashed the crypto markets. Since then, stETH has typically traded at a 2-3% discount, but on Friday, stETH dipped as low as 0.92 ETH, representing an 8% discount to ether.

## Why is Staked Ether on a downtrend?

According to Ape Board, a portfolio analyst from the blockchain intelligence firm Nansen, Celsius, a crypto lender that has been under fire after it blocked withdrawals last weekend, claiming "extreme market conditions," has 409,260 stETH tokens, worth nearly $470 million at current rates.

Analysts at Huobi Research Institute, the research organisation of the Huobi crypto exchange, Johnny Louey and Andy Hoo, claimed in a report Tuesday that Celsius had previously lost over $71 million from staking stETH on Stakehound because Stakehound mishandled the keys.
The concern now is that Celsius may be forced to liquidate its Staked Ether, incurring significant losses and putting more pressure on the token resulting in a downtrend.

Concerned Celsius customers began a quick wave of redemptions at a pace of roughly 50,000 ETH per week, according to the report, and the platform was desperate for liquidity.

stETH, like many other aspects of cryptocurrency, has been caught up in a maelstrom of negative headlines impacting the industry.

Higher Federal Reserve interest rates have sparked a flight to safer, more liquid assets, resulting in liquidity concerns at big corporations in the industry.

Further, Elon Musk, the CEO of Tesla and SpaceX, was sued for $258 billion by a Dogecoin investor on Thursday. According to the complaint, Warren Buffett, Bill Gates, and others have questioned the worth of Bitcoin.

Investors are concerned that the drop in the value of stETH may affect even more crypto participants.

[Ethereum](/coins/btc) just finished its much-anticipated merger dress rehearsal. The event's performance speaks well for Ethereum's upgrade, which investors estimate to happen in August. But there's no telling when it'll happen - it's already been postponed several times.
The most recent updates on Ethereum's testnets have been favorable, giving those waiting for the Merge greater confidence. 

So, when withdrawals are ultimately authorised, any discount in stETH will most likely be arbitraged away, but there will still be some discount until that unknown date occurs.



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