It’s the worst-kept secret in cryptocurrency that Elon Musk is a known admirer of Dogecoin (DOGE). In fact, he’s made his belief in the $DOGE apparent more than once. It’s helped establish Dogecoin as one of the most well-known cryptocurrencies in the world. But could we see Elon Musk back other meme coins such as Shiba Inu (SHIB) or the presale sensation Caged Beasts (BEASTS) in the future?
Dogecoin Has Been Elon Musk’s Favourite Crypto
Elon Musk’s Twitter page can sometimes appear like a love letter to Dogecoin for those in cryptocurrency. He alludes to it every so often and more recently when he responded to Twitter founder Jack Dorset with “DOGE ftw”. He has repeatedly stated his belief in the supremacy of Dogecoin within the cryptocurrency industry and recently, in an audacious move, replaced the Twitter logo on its loading page with the Shiba Inu dog belonging to Dogecoin.
Some also speculated that, following Elon Musk’s purchase of Twitter, he would somehow integrate Dogecoin into the social media platform. Although this has not yet happened, Dogecoin has benefited considerably from Musk’s high-profile endorsements of it. Its value has often shot upward in the immediate aftermath of Musk referring to it and this has kept it swimming ahead of other meme coins.
Is this likely to change in the future? Elon Musk is difficult to predict and meme coins, like the rest of the crypto market, are unpredictable and subject to change in value due to turbulent markets. But right now, Dogecoin and Elon Musk appear to be an inseparable duo.
Elon Musk Is Unlikely To Endorse Shiba Inu Anytime Soon
Shiba Inu was the professed “Dogecoin Killer” when it emerged in 2020. The hype that has swirled around it is not without merit and it has established itself as one of the best coins on the market. As far as meme coins go, it’s definitely one of the best ones to invest in and could be defined as the “best of the rest” if looking beyond Dogecoin.
It’s also had some exciting upgrades to its software this year, namely its Shibarium Upgrade. This adds a layer-2 scaling solution to improve the Ethereum blockchain it runs on. The result of this is that those using it will receive faster transactions whilst facing lower costs.
So the $SHIB certainly carries a lot of potential. But does that mean it’s a meme coin that Elon Musk is likely to endorse in the future? The answer is that it’s unlikely. Musk does not hold any $SHIB tokens and has not amplified it in the past. It’s therefore uncertain that, if trajectories of both $SHIB and $DOGE remain the same, he would suddenly change course and begin acknowledging Shiba Inu. The $SHIB, after all, is the coin here to dislodge Dogecoin. It’s not implausible to think that having invested a lot in the $DOGE, Elon Musk might not be too keen on endorsing its meme coin rival too much.
Caged Beasts Could Be A Coin That Grabs Elon Musk’s Attention
Elon Musk could however find his head being turned towards a new presale project in Caged Beasts. Presales are usually an exciting time to get involved with new crypto due to the tokens being sold at lower prices. And right now Caged Beasts symbolises this excitement with its emergence.
The $BEASTS crypto encapsulates the theme of decentralisation that has become embedded into the common understanding of what cryptocurrency is about. Its ecosystem exists to empower individuals with greater autonomy as it places an emphasis on individuals being unencumbered by the imposition of rules and regulations from centralised institutions.
Right now it’s employing a referral scheme that also allows for passive income to be earned. This is done through users being given a unique referral code which then allows them to accumulate a fifth of the deposited amount (this comes in either ETH, BNB, or USDT) directly into their wallet whenever their code is used.
It would be churlish to make predictions and promises on what Elon Musk might do but Caged Beasts fits the profile of new and exciting meme coins that could capture his interest should he decide to diversify his crypto portfolio.
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