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

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.

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 1.65% Bitcoin / USD BTCUSD $ 62,873.19
$1,037.411.65% Volume 30.85 b Change $1,037.41 Open $62,873.19 Circulating 18.85 m Market Cap 1.19 t 7 h Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul 9 h The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan 12 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase ETH 2.60% Ethereum / USD ETHUSD $ 4,225.60
$109.872.60% Volume 15.95 b Change $109.87 Open $4,225.60 Circulating 118.08 m Market Cap 498.95 b 11 h Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year 12 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase 13 h CME Bitcoin Futures OI Rips to $5.70 Billion to Claim the Top Spot Over Binance

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 1.13% Cardano / USD ADAUSD $ 2.16
$0.021.13% Volume 2.4 b Change $0.02 Open $2.16 Circulating 32.92 b Market Cap 71.14 b 12 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase 6 d Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace 6 d Bitcoin Continues to Attract All the Inflows With Traders Eyeing A BTC Price Jump to $100,000 BNB 1.27% Binance Coin / USD BNBUSD $ 485.95
$6.171.27% Volume 1.33 b Change $6.17 Open $485.95 Circulating 166.8 m Market Cap 81.06 b 12 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase 1 w Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 1 w China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero

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.”