Crypto - Dogecoin resists despite Elon Musk's disinterest

Dogecoin (DOGE) has long been associated with Elon Musk, who has continually praised the meme-inspired crypto on social media. But the billionaire has been quieter on the subject lately. Nonetheless, despite this apparent lack of interest, Dogecoin maintains a loyal community and demonstrates remarkable resilience.

Elon Musk Distances Himself from Dogecoin

Launched in 2013, Dogecoin experienced its moment of glory in 2021 thanks to Elon Musk. His laudatory tweets about the cryptocurrency caused its value to skyrocket. The Tesla CEO did not hesitate to call DOGE his “favorite crypto” and even claimed to be working with the developers to improve the ecosystem.

But in 2022 and early 2023, Musk has become more silent. While he still admits to owning Dogecoins, his comments no longer have the same effect on the market as in the past. Some see this as a sign of waning interest; others interpret it as a deliberate change in strategy to avoid influencing the markets.

Regardless, Dogecoin no longer enjoys the same media hype driven by the Tesla boss. This situation could have been detrimental, but the cryptocurrency is navigating it with considerable resilience.

A Crypto Community Still Active and Engaged

Despite the spotlight shifting elsewhere, Dogecoin retains a solid fan base. On Reddit, Twitter, or Discord, these users continue to believe in the potential of their favorite cryptocurrency. They applaud its low transaction fees, speed, and the quirky nature inherent to its origin.

Initiatives are sprouting to promote the adoption of DOGE. Some merchants accept Dogecoin as payment. Most importantly, new projects like Doge-ETH aim to expand the use cases of the canine crypto.

This loyal community keeps Dogecoin within the top 10 cryptocurrencies in terms of market capitalization, despite the slowdown in recent months. It remains an undeniable asset to ensure the project’s longevity.

Elon Musk seems to be taking his distance from Dogecoin, which he has previously promoted so heavily. But the meme crypto shows remarkable resilience, supported by an ever-active and committed community. Even without Tesla’s CEO’s support, DOGE maintains strong arguments and could hold surprises for the long term.