Tesla CEO Elon Musk is the favourite darling of the cryptocurrency market. There was a time when his tweets could make or break a coin. His investment in Dogecoin and constant tweets about it made it breach the 1 Cent mark and hit up to $0.71. The all-time high (ATH) of Doge came in May 2021 and since then the coin has barely risen.
Dogecoin’s hype was so big that it stole the limelight from Bitcoin and Ethereum overnight. Its price is struggling to go above $0.30 for six months and its trading volume on Robinhood drastically declined. The fizz and hype have come back to Earth and even Musk’s tweet about Doge is not making its price soar up.
The new entrant in the market with a similar frenzy is Shiba Inu. SHIB is receiving the same love Dogecoin received during the beginning of 2021. Everybody wanted to get into Doge during May 2021 and now everyone wants to get into Shiba Inu.
Both the meme-currencies, despite being at loggerheads with each other have commanded a large sea of fan following. The community thrives on the brotherhood bond and is unlike anything we’ve seen in the history of the financial market.
Doge and SHIB injected fresh blood into the financial sector and added the element of entertainment to it. Entertainment and money are what everyone craves for and both these coins delivered just that on a silver platter.
Financial analysts claim that Doge and SHIB are still at their early stages and a decade later its face value would be completely different. Those who hold on for the long term can benefit from its enormous gains after it gets accepted in the mainstream market a few years down the line.
Tesla Should Accept Shiba Inu, Dogecoin, Bitcoin and Ethereum
Elon Musk is a visionary entrepreneur who built the unimaginable as he is blessed with the gift of foresight. He can sniff an opportunity that is still five years away and start investing in it at present.
Musk firmly believes that cryptocurrencies are here to stay and will not disappear, he is right. The visionary entrepreneur needs to pave the way for Bitcoin and Ethereum to be accepted by Tesla. Musk also needs to integrate and accept Dogecoin and Shiba Inu as payment for Tesla.
This would provide millions of people an opportunity to believe in cryptocurrencies and thus open the floodgates of newer investors. Only then can one consider that the crypto market has come of age and is at a pivotal point of history challenging the traditional financial establishment.