Elon Musk explains why he supports Dogecoin over Shiba Inu

Tesla honcho Elon Musk, who doesn't mince his words on Twitter, has explained why he supports Dogecoin over any other crypto. Interestingly, Musk had posted images of his Shiba Inu puppy multiple times in the past which has led to an increase in the price of Shiba Inu- the cryptocurrency. This also made people believe that Musk owns a lot of Shiba Inu tokens but none of that is true. Musk has revealed that he doesn't own a single shib tokens, he owns bitcoins.

In his reply to a tweet about Dogecoin being one of the most preferred crypto assets in the US, Musk wrote, "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 in a tweet. The link to the article which was shared by Twitter says that "almost a third of all US cryptocurrency holders own dogecoin".

Musk also said that he doesn't have a single Shibu tokens, but hash strings called Bitcoin. "Out of curiosity, I acquired some ascii hash strings called "Bitcoin, Ethereum & Doge". That's it. As I've said before, don't bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form," he tweeted.

Creator of Dogecoin, Billy Markus seconded Musk's opinion and said dogecoin is fast, scalable, and inexpensive to send around. "IMO dogecoin being fast, scalable, and inexpensive to send around is all it needs to be, it doesn't need to be yet another blockchain that hosts NFTs or other tokens or whatever the tech to get there is complex, but that utility is simple and needed - beauty in simplicity."

Shiba Inu went on a high to become the 11th largest cryptocurrency in the world but when Musk said that he doesn't own a single Shiba, the crypto fell back to the 13th spot.