Elon Musk Helps Dogecoin Suddenly Surge Back Above Shiba Inu As Bitcoin And Ethereum Plummet

Elon Musk Helps Dogecoin Suddenly Surge Back Above Shiba Inu As Bitcoin And Ethereum Plummet

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Elon Reeve Musk FRS is an entrepreneur and business mogul. He is the founder, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Designer of Tesla, Inc.; creator of The Boring Company; and co-founder of Neuralink and OpenAI.

Musk was born to a Canadian mom and a South African father and raised in Pretoria, South Africa. He briefly attended the University of Pretoria before transferring to Canada aged 17 to participate in Queen’s University. He moved to the University of Pennsylvania two years later, where he got bachelor’s degrees in economics and physics. He transferred to California in 1995 to go to Stanford University but chose rather to pursue a business career, co-founding the web software application business Zip2 with brother Kimbal. The startup was obtained by Compaq for US$ 307 million in 1999. The exact same year, Musk co-founded online bank X.com, which merged with Confinity in 2000 to form PayPal. The business was purchased by eBay in 2002 for $1.5 billion.

Elon Musk Helps Dogecoin Suddenly Surge Back Above Shiba Inu As Bitcoin And Ethereum Plummet – Wealthy and Growing

From our friends at: www.forbes.com

Dogecoin, the “joke” bitcoin rival that’s exploded in popularity earlier this year, has recently lost its meme crown to upstart shiba inu.

The dogecoin price, up over 11,000% since this time last year, has struggled in recent months even as the price of bitcoin and ethereum have returned to near their all-time highs. Bitcoin and ethereum have been heavily sold off this week, however, with the bitcoin price crashing under $60,000.

Now, amid wild speculation popular trading app Robinhood could add support for shiba inu, the “dogecoin killer” has rocketed up the bitcoin and crypto price charts—climbing as high as 8th and jostling with dogecoin for memecoin dominance even as Tesla

TSLA
billionaire Elon Musk continues to signal his support for dogecoin.

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MORE FROM FORBESThe Surprise Reason Why Tesla And SpaceX Billionaire Elon Musk Supports Dogecoin Over Shiba Inu, Bitcoin And Ethereum

“If I send you two doge, will you promise to send me one doge,” Musk said via Twitter last night, replying to dogecoin co-creator Billy Markus and referencing common bitcoin and crypto scammers that flood Twitter and other social media networks with promises of free coins.

Markus had tweeted a warning to those piling into the crypto market, cautioning it’s “all about risk.”

“There are no promises in crypto, except from scammers,” said Markus. “The people telling the truth will tell you that it’s just all about risk. Your profits only come from other people taking their own risk. If you lose money, you paid for someone else’s risk. Ultimately, that is your choice.”

The dogecoin price has surged almost 20% over the last few hours, with the market capitalization of it and shib inu now both over $40 billion. Many in the bitcoin and crypto community expect both the price of both dogecoin and shiba inu to eventually give up their blistering gains, but influencers like Musk could mean prices climb far higher before receding.

“This is turning into a real dogfight now,” veteran crypto trader and author Glen Goodman said via Twitter DM, pointing to Musk’s apparent plans to help upgrade dogecoin and “beat bitcoin hands down.”

Musk has this year adopted dogecoin as something as a pet project, appearing to sour on bitcoin even has Tesla continues to hold billions of dollars worth of bitcoin on its books. Musk revealed on April 1, in what was at the time widely believed to be an April fool’s day joke, that his rocket company SpaceX plans to next year launch a dogecoin-funded satellite to the Moon.

“Elon Musk could be the one to settle this, if he tweets to remind us he will soon be sending ‘a literal doge to the literal moon’, with his planned DOGE-1 satellite launch,” added Goodman. “Shib doesn’t have the might of Musk behind it but it’s currently the gamblers’ favorite. Let’s be honest, this isn’t investing, it’s barely even trading, this is gambling. By all means, have fun, but also be ready for a crash that will go down in crypto history.”

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MORE FROM FORBESCrypto Price Prediction: Bitcoin Forecast To Hit $5 Million As Price Soars Through 2021

However, some do think there are legitimate reasons for investors to buy both the dogecoin and shiba inu cryptocurrencies. Dogecoin, a fork of bitcoin that dates back to 2014, is currently less sophisticated in its smart contract capabilities than shiba inu—launched just this year.

“Bitcoin is designed to be scarce whereas shib is intentionally made in a way that is abundant in nature,” Nirmal Ranga, chief revenue officer at bitcoin and crypto platform ZebPay, said in emailed comments, looking to shiba inu’s total circulating supply of 1 quadrillion.

“The shiba inu token system supports innovative and artistic projects like non-fungible art (NFT) art incubators. The development of its own decentralized exchange called the ShibaSwap is also in the pipeline, all factors which have been driving the tokens value and interest among traders.”

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Elon Musk is a South African-born American entrepreneur and businessman who founded X.com in 1999 (which later ended up being PayPal), SpaceX in 2002 and Tesla Motors in 2003. Musk became a multimillionaire in his late 20s when he offered his start-up business, Zip2, to a department of Compaq Computers.

Is Elon Musk the wealthiest guy on the planet?

As of 2 p.m. EDT Tuesday, Musk is in first place, worth an approximated $255.2 billion. Bezos is number two richest, at an approximated $194.1 billion. Arnault follows in the number 3 spot, worth $185.2 billion, according to Forbes’ quotes.

Did Elon Musk originate from money?

Elon Musk was not born into wealth, unlike lots of fortunate businesspeople. He constructed himself up through his own developments and decision. Although there have been rumors that Musk’s father was a wealthy, emerald mine-owning man, that isn’t true, and Musk has gained absolutely nothing from his father.

What is Elon Musk IQ level?

While there are no official sources that have checked Musk, his IQ is generally approximated to be 155. Professionals have based this on his possible to understand and use intricate technical data, his initial intelligence tests, and how he utilizes his understanding to drive development in complex industries.

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