Cryptowar: DOGE vs. Elon Musk

This article was written exclusively for Investing.com

  • DOGE melts
  • Elon Musk pushes DOGE with a divisive comment
  • A DOGE creator faces the richest person in the world
  • DOGE remains in the top 10 of crypto hit parade
  • Buy The Dip – Just Invest Leftover Cash

The Shiba Inu is the lovable canine that is both a pet and a brand. Software engineers Billy Markus and Jackson Palmer created the DOGE payment system as a joke, poking fun at the wild speculation in cryptocurrencies. Little did they realize that another engineer would take the prank to another level.

Elon Musk has been an animator for DOGE, and in 2021 he adopted a Shibu Inu, naming the dog “floki”.

In recent weeks, the love affair between Musk and DOGE has started a war of words with Palmer and a nerd war is brewing.

DOGE melts

DOGE has not been immune to bearish price action in , and many other 20,000+ cryptocurrencies.

DOGE/USD long-term chart

Font: CoinMarketCap

As the chart highlights, after peaking at 68.48 cents per token in May 2021, the price fell almost 90% to 7.2 cents on June 27, more than the losses suffered by the two leading cryptocurrencies, Bitcoin and Ethereum.

Musk pushes DOGE with a divisive comment

Musk seems to play favorites over DOGE founders Palmer and Markus. While he continues to show support and affection for Markus, he was in sarcastic mode when he confronted Palmer in recent weeks.

In late May, Musk revealed why he and so many others have embraced DOGE, tweeting:

[Markus’] sense of humor and irreverence is a big part of why people love dogecoin.”

Ignoring Palmer struck a nerve with the co-creator of DOGE.

DOGE co-creator takes on the world’s richest person

Ironically, Palmer became an outspoken crypto critic, saying that he thought the asset class “it would implode a little faster and people would learn the lesson”. In response to Musk’s comments, he accused him of being a “swindler”.

Without wasting any words or tweets, Musk tweeted:

Palmer always forgets to mention that he never wrote a single line of dogecoin code.

Markus joined in and added: “the people after us did exponentially more than anyone else [Palmer] or i did it based on the code.”

The drama is likely to continue as Musk may not be done with Palmer after being called out on crypto.swindler”.

DOGE remains in the Top 10 of Crypto Hit Parade

Despite having lost over 90% of its value since the May 2021 high, DOGE remains in the top 99.95% of the asset class and top 10 of the cryptocurrency hierarchy as of May 26. June.

List of the top 10 cryptocurrencies by market capitalization

List of the top 10 cryptocurrencies by market capitalization

Font: CoinMarketCap

Buy The Dip – Only Invest Spare Cash

With Musk as the chief entertainer, cryptocurrencies could make a comeback in the coming weeks and months. DOGE’s fortunes are tied to Bitcoin and Ethereum, as a rally would likely lead to a flurry of interest and buying of Musk’s favorite cryptocurrency.

When approaching any member of the volatile asset class, only invest capital that you are willing to part with, as the risk of a total loss remains high. Palmer expects DOGE and other cryptocurrencies to crash, but DOGE’s creator admits that he is surprised by the staying power of the asset class in general.

As well as being one of the greatest engineering minds of our time, Musk is a PR master and money maker. When DOGE turns around, he expects him to support crypto with a barrage of tweets announcing the return of the Shiba Inu branded token. Even during the current crypto bear market, Musk continues to support DOGE.

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