Dogecoin and Shiba Inu are two of Elon Musk’s favorite crypto-currencies. In terms of market reach and blockchain innovations, these memecoins are quite competitive. Shiba Inu ($SHIB) has been rocking the crypto-currency market in recent weeks with its NFT and metaverse technologies.
Dogecoin (DOGE), meanwhile, is one of the first meme currencies on the market. It was developed in 2013 in response to the influx of a high number of new crypto-currencies on the market. However, it has built a strong community, allowing it to flourish over time as one of the largest crypto-currencies in terms of market capitalization.
Elon’s next move will be crucial – $DOGE or $SHIB?
There have been concerns about the future of Twitter since its acquisition by Elon Musk. Some predict that he will launch or incorporate a number of crypto-currency projects. People expect Elon Musk to incorporate DogeCoin or Shiba Inu into Twitter in some way. If this turns out to be true, the value of this crypto-currency will skyrocket.
The CEO of Tesla, SpaceX and Twitter has a soft spot for Dogecoin. Elon Musk has regularly mentioned his desire to maximize Twitter’s monetization and adopt crypto-currencies as a payment option. Given Musk’s previous preferences, it is highly likely that he will use Dogecoin.
If Elon Musk were to set up a payment system for Twitter and use DOGE, the utility of Dogecoin would skyrocket. This would create an authentic and undisputed value for DOGE as every Twitter user would come into contact with the crypto-currency at some point.
This would also set a precedent for the crypto-currency industry and global companies regarding the enterprise functionality of crypto-currencies.
If Dogecoin is used to help monetize Elon Musk’s Twitter, other companies could easily follow suit and use Dogecoin instead of Shiba Inu. In such a scenario, the value of Dogecoin will exceed the dollar mark.
Both crypto-currencies dominate social media. But Elon Musk, the man who made meme currencies a thing, prefers $DOGE to $SHIB. He even admitted that he doesn’t hold $SHIB in his wallet.