Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase


Shiba Inu (SHIB) was rallying to new highs when Elon Musk sent it crashing.

Tesla CEO initially helped SHIB go up by tweeting a photo of his puppy earlier this month only for the meme token to drop after he revealed on Sunday that he doesn’t own any.

Over the weekend, SHIB hit a new all-time high at $0.00004432 to become the 11th largest cryptocurrency.

This could also be driven by the Shiba Inu community's expectation to get listed on Robinhood. A petition on Change.org for the same has gathered almost 300,000 signatures.

“Memes have value and have been an investible thesis in 2021,” said Jonathan Cheesman, head of OTC and institutional sales at crypto-derivatives exchange FTX. “Lower dollar-price tokens are attractive to retail,” he added.

But when a SHIB investor asked Musk if he owned the crypto asset, his “none” sent its price down by 18.5% to $0.000044323652. But since then, SHIB’s price has recovered some of the losses and is now trading at $0.00003880.

SHIB, however, continues to be the most traded crypto asset on the exchanges even still. Currently, it is leading in trading volume on Binance and Coinbase at $3.95 bln and $1.75 bln respectively.

While SHIB’s 24-hour volume accounts for 15% of Binance’s total volume, it is double for Coinbase at 30.4%.

This meme coin is up a mind-boggling 69357672.5% in the last 11 months.

Elon’s Only Into the Original Meme

While sharing that he doesn't own any SHIB tokens, Musk clarified that he only owns Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE).

“Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it,” said Musk.

In a separate response, the SpaceX CEO also shared his reason to support the competing and original meme coin DOGE.

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto,” Musk said.

Dogecoin is currently the fourth most-traded asset on leading crypto exchange Binance, accounting for only 5.12% of its total volume, and 5th largest on Coinbase with a 4.88% share.

image1

Elon’s comment has been in response to a recent survey finding that DOGE’s adoption in the US exceeds Bitcoin and Ethereum with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%. BTC 3.43% Bitcoin / USD BTCUSD $ 30,243.98
$1,037.373.43%
Volume 34.04 b Change $1,037.37 Open $30,243.98 Circulating 19.04 m Market Cap 575.98 b
4 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 4 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
ETH 3.84% Ethereum / USD ETHUSD $ 2,023.64
$77.713.84%
Volume 18.08 b Change $77.71 Open $2,023.64 Circulating 120.85 m Market Cap 244.55 b
4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 4 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

The survey by ‘Finder’ also stated that in Australia, Cardano (ADA) is the most popular crypto, while Bitcoin in Japan, ETH in Singapore, and BNB in Indonesia. The survey polled 41,645 individuals in 22 countries and found that a little over 1 in 10 (11.4%) adults own crypto globally. ADA 2.62% Cardano / USD ADAUSD $ 0.53
$0.012.62%
Volume 865.86 m Change $0.01 Open $0.53 Circulating 33.75 b Market Cap 17.95 b
4 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 4 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 5 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
BNB 4.59% BNB / USD BNBUSD $ 308.32
$14.154.59%
Volume 1.64 b Change $14.15 Open $308.32 Circulating 163.28 m Market Cap 50.34 b
4 mon SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 4 mon BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 4 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

Musk advised people to not “bet the farm on crypto,” as the “true value is building products & providing services to your fellow human beings, not money in any form.”

Here, MicroStrategy CEO Micahel Saylor, a big Bitcoin proponent, took over to impart his knowledge of the leading trillion-dollar digital currency. He said,

“Bitcoin enhanced by Lightning can be viewed as both a product (digital property) and a service (open monetary network). The ability to transfer monetary energy through time and space without government intervention or conventional banking is enormously valuable to humanity.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide