Have you ever wondered if there’s something common between cryptocurrency, fiat currency, and precious metals such as gold and silver. Well there’s not many! Gold and silver possess industrial and ornamental utilizations. However, the same does not stand true in the case of cryptocurrency. The market’s consensus on value has a major role to play in their intrinsic value. Gold has a very vital role in any economy as it is the metal that governments, central banks, and monetary institutions possess as an integral part of their foreign exchange reserves.
This establishes the important role of gold in the global financial system. Talking about silver, it is comparatively far more volatile than gold. If we draw analogies between the world of cryptocurrencies and metals, we can easily say that Bitcoin and Ethereum are the gold of cryptocurrencies while Dogecoin is silver. Doge is ardently supported by none other than the richest man on the planet – Elon Musk. A cryptophile himself, Musk holds a portfolio of cryptocurrencies.
In the recent past, he is known to have developed a keen interest in Dogecoin. The canine coin started as a joke and went into a top-tier digital currency. Such is his love for DOGE that he pets a Shiba Ina puppy named Floki. The Shiba Inu is famous for being DOGE’s mascot and brand. Musk is quite an influential figure in the crypto world. Whenever he tweets about DOGE, canine coin’s price tends to go higher. The importance of DOGE can be understood by the fact that it is currently the 11th leading asset in its class. According to data, the market cap of DOGE stands at over $14.78 billion.
As we know sentiments have a major influence on the prices of cryptocurrencies, Musk’s adoption of DOGE as his pet crypto and its Shibu Inu mascot has created a tremendous following. Only time will tell how high the value of DOGE goes.
