In an appearance on Saturday Night Live, Elon Musk jokingly referred to himself as the ‘doge-father’. An apt title given his propensity for promoting the divisive digital asset, Dogecoin. In the days that have followed, Musk has continued to bring attention to the asset through a series of potentially high-profile moves involving both Tesla and SpaceX.
Twitter Poll – A Resounding Yes
When Tesla first announced its investment Bitcoin, investors cheered the event as a sign of mainstream adoption. The result was a resounding jump in BTC price. Soon after, Tesla announced that its products could be purchased with BTC, resulting in another market pump.
Now, it would appear as though Tesla may be considering expanding the range of accepted digital assets to include none other than Dogecoin. To gauge public interest, Musk has taken to twitter with a poll asking, “Do you want Tesla to accept Doge?”.
While the veracity of this poll is in question, the response was clear and resounding. At time of writing, the poll had garnered over 2.5M votes, with 77% indicating ‘Yes’.
Regardless of whether this question in legitimate or not, there will be after-effects. If legitimate, fans will rejoice and the price of Dogecoin will rise. If not, then the price will no doubt take a hit – hurting many along the way.
To the Moon
Aside from Tesla, Elon Musk is arguably most well-known as the founder of SpaceX. This space faring company has now captured the attention of digital asset enthusiasts, as it looks to launch a commercial lunar payload fully funded by Dogecoin.
This achievement was made possible in conjunction with the Geometric Energy Corporation (GEC). The mission itself will see the companies, “launch a 40kg cubesat as a rideshare on a Falcon 9 lunar payload mission in Q1 2022”.
Each of these aforementioned moves beg the question – why Dogecoin? While the love for Dogecoin by Musk was comedic at first, this time has passed. With so many established projects out there boasting comparable capabilities, why opt to continue supporting an asset that was made in jest, has an unlimited supply, and is quite centralized?
These risks were highlighted recently when Binance CEO, Changpeng Zhao shared his opinion on the project.
As Musk’s antics evolve from comedic tweets to feigning actual potential adoption of Dogecoin through SpaceX and Tesla, scores of would-be investors stand to be burnt as they jump aboard the hype train not realizing what it actually is they are buying.