Dogecoin (DOGE) has long been associated with Elon Musk, who has continually extolled the merits of this meme-inspired crypto on social media. But the billionaire has been more discreet on the subject lately. However, despite this apparent disinterest, Dogecoin maintains a loyal community and displays great resilience.
Elon Musk moves away from Dogecoin
Launched in 2013, Dogecoin is experiencing its heyday in 2021 thanks to Elon Musk. His laudatory tweets about crypto are causing its price to explode. The Tesla boss does not hesitate to call DOGE his “favorite crypto” and even claims to work with developers to improve the ecosystem.
But in 2022 and early 2023, Musk is quieter. If he still admits to owning Dogecoins, his comments no longer have the effect they once had on prices. Some see it as a beginning of disinterest, others a simple change of strategy so as not to influence the markets.
Regardless, Dogecoin no longer benefits from the same media hype carried by the boss of Tesla. A situation which could have been fatal to him, but which he got through with a certain resilience.
A crypto community that is always active and motivated
Despite the spotlight shined elsewhere, Dogecoin maintains a strong community of fans. On Reddit, Twitter or Discord, these users continue to believe in the potential of their favorite cryptocurrency. They praise its low transaction fees, its speed and its quirky side inherent to its very origin.
Initiatives are flourishing to promote the adoption of DOGE. Some merchants accept payments in Dogecoin. Above all, new projects like Doge-ETH aim to expand the use cases of dog crypto.
This loyal community allows Dogecoin to remain in the top 10 crypto in terms of market capitalization, despite losing momentum in recent months. It constitutes an undeniable asset to ensure the sustainability of the project.
Elon Musk seems to be distancing himself from Dogecoin, which he has promoted so much in the past. But the crypto meme shows great resilience, supported by a community that is still active and mobilized. Even without the support of the Tesla boss, DOGE maintains strong arguments and could hold surprises in the long term.
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