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Elon Musk announces his withdrawal from Dogecoin: an unexpected turning point for crypto?
In a statement that shook the cryptocurrency world, Elon Musk announced today that he is ceasing all official support for Dogecoin (DOGE). The one who was nicknamed the "Dogefather" by the crypto community surprised his fans by stating he wants to "focus on more serious and sustainable projects."
"Dogecoin will always be a fun project in my heart," Musk said during an exclusive interview. "But the crypto industry needs more robust solutions that are less dependent on fads."
For several years, Elon Musk had helped popularize Dogecoin through his tweets, jokes, and even by accepting DOGE for some payments at Tesla and SpaceX. His distancing marks a change of era for the iconic meme coin.
Following the announcement, the price of Dogecoin fell by nearly 15% in just a few hours, reflecting the asset's strong dependence on Musk's image. Experts believe that Dogecoin will now have to find real utility to survive in the long term without the shadow of its most famous supporter.
At the same time, Musk revealed that he is increasingly interested in projects based on decentralized artificial intelligence and green energy on blockchain: "The next crypto revolution will be much deeper than memes," he concluded. #BinanceAlphaPoints #BinanceAlphaAlert #proppeseguy $DOGE
In a statement that shook the cryptocurrency world, Elon Musk announced today that he is ceasing all official support for Dogecoin (DOGE). The one who was nicknamed the "Dogefather" by the crypto community surprised his fans by stating he wants to "focus on more serious and sustainable projects."
"Dogecoin will always be a fun project in my heart," Musk said during an exclusive interview. "But the crypto industry needs more robust solutions that are less dependent on fads."
For several years, Elon Musk had helped popularize Dogecoin through his tweets, jokes, and even by accepting DOGE for some payments at Tesla and SpaceX. His distancing marks a change of era for the iconic meme coin.
Following the announcement, the price of Dogecoin fell by nearly 15% in just a few hours, reflecting the asset's strong dependence on Musk's image. Experts believe that Dogecoin will now have to find real utility to survive in the long term without the shadow of its most famous supporter.
At the same time, Musk revealed that he is increasingly interested in projects based on decentralized artificial intelligence and green energy on blockchain: "The next crypto revolution will be much deeper than memes," he concluded. #BinanceAlphaPoints #BinanceAlphaAlert #proppeseguy $DOGE
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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