Elon Musk, the CEO of Tesla, is back with more Dogecoin (DOGE)-boosting tweets. Musk said last week that he would be launching a new institution in Texas called the Texas Institute of Technology and Science, or ‘TITS,’ as Musk would name it. Following up on his earlier Twitter thread, he announced last night that Dogecoin will be accepted for tuition payments at his university, as well as special discounts for dog owners. Surprisingly, the price of DOGE has not risen much or even enough as a result of Musk’s tweet.
The War Is On – Shiba Inu vs. Dogecoin
According to a study published by CoinGape last week, the price of DOGE increased by almost 46 percent after battling with Shiba Inu, which has surpassed Musk’s favorite meme currency and is now ranked No. 9, while DOGE is ranked No. 10. Shiba Inu’s price has steadily increased and now stands at $0.00007143, with a market capitalization of $37.8 billion. However, Dogecoin has not experienced any significant gains and is now trading at $0.26 with a market capitalization of $35.25 billion at the time of writing. To keep its status, Shiba Inu may have to combat Tesla CEO Elon Musk’s social media clout. Musk has been vocal about his support for the joke currency Dogecoin on social media.
At the B-Word, Musk discusses Dogecoin
After receiving flak for his statements on the meme coin during the B-Word conference earlier this year, Musk has tempered his support for DOGE. While Musk described the dogecoin community as “irreverent” and mainly applauded their “hilarious memes,” he also stated that he like the fact that DOGE “does not take itself too seriously.” Musk also stated that he like “dogs and memes,” thus he has added DOGE to his cryptocurrency portfolio. This, however, generated several doubts about Musk’s motivation for supporting DOGE, raising the issue of whether he anticipates true growth or whether it’s simply one of his practical jokes that he won’t take seriously a decade from now.