Elon Musk Names Dogecoin As One Of Three Cryptos With A Good Future
Dogecoin remains Elon Musk’s favorite cryptocurrency and the billionaire’s conviction in the meme coin looks to not have waned thus far. As the crypto winter rages on, speculations abound on what projects would be able to make it out and come out stronger. The obvious remains the largest cryptocurrencies in the market, but Tesla CEO Elon Musk has added Dogecoin to the list of coins that will have a good ‘future.’
Bitcoin, Ethereum, And Dogecoin
Elon Musk hopped on a Twitter Space where he shared his thoughts on the current crypto market climate and gave the digital assets he believed would survive through it. In the space that was attended by almost 1 million people, Musk named the likely candidates as Bitcoin and Ethereum but added Dogecoin to the list.
According to the billionaire, while the crypto winter would last for a long time, these were the three cryptocurrencies he believed would have a future regardless. These were the assets he was most convinced about as he said he wasn’t sure about others.
“I think there probably is a future for Bitcoin, Ethereum, and DOGE. I can’t really speak to the others,” the billionaire said. “But if you’ve got one of those three in a cold wallet, and of an exchange, I think my guess is it works out well.”
It also reaffirms Musk’s support for the cryptocurrency even during a time when it had lost a significant portion of its all-time high value.
DOGE price at $0.08 | Source: DOGEUSD on TradingView.com
Musk Weighs In On FTX Collapse
The FTX collapse and eventual bankruptcy remain on the radar of everyone and Musk shared his thoughts on it too. Musk reiterated that investors should take this as a sign to not hold their cryptocurrencies on exchanges. Instead, they should store them in cold wallets.
Commenting on ex-CEO Sam Bankman-Fried, the billionaire said he had first heard of SBF in April 2022 in relation to the Twitter acquisition deal. “I got a ton of people telling me he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal,” the Tesla CEO said. However, Musk would deny SBF’s bid to invest in the Twitter deal because according to him, the FTX CEO had set off his “Bulls**t meter” at the time.
Musk’s endorsement of Bitcoin, Ethereum, and Dogecoin has helped as the three digital assets have been doing significantly better this week. They are not completely out of the woods yet but have been holding firm after forming good support.
Bitcoin is still trading firmly above $16,800 while Ethereum has been able to hold $1,200 quite nicely. As for DOGE, its price is trending at $0.089 at the time of this writing, allowing it to hold its place as the 8th largest cryptocurrency in the market.
Featured image from Coingape, chart from TradingView.com
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