Popular Financial Figure Claims XRP Deserves Musk’s DOGE Type of Support

Ripple Supporters Are Looking Forward to Elon Musk Support For XRP Against the SEC

Mason Versluis, a popular businessman and financial influencer with 1.2 million Titok followers and a presence in the crypto world, has commented on billionaire Elon Musk’s fervent support for meme currency Dogecoin (DOGE), stating that he thinks such attention should have been focused on assets like XRP.

Versluis gave his thoughts on the matter on Sunday while expressing his bewilderment over the billionaire’s stance. Versluis tweeted, “I’ll never understand why Elon Musk would choose DOGE over something like XRP,” which, naturally, elicited a range of responses from the larger crypto community.

Read more: Did Elon Musk Piss Off Palmer, The Dogecoin Founder?

Elon Musk has frequently been linked to DOGE as a result of his steadfast support for the meme coin. Musk is well-liked by cryptocurrency enthusiasts thanks to his tireless DOGE PR efforts and positive response to cryptocurrencies. Although he has been welcomed wholeheartedly by the crypto community, little is known about the factors that led him to select the particular asset.

Versluis’ recent comments matched the inner sentiments of other crypto enthusiasts, as several others expressed a similar bewilderment. One NFT investor and chief developer for CubeX specifically said that there might be some kind of unique relationship between Musk and the DOGE team or assurance of future ownership. Billy Markus, the co-founder of Dogecoin, and Musk are well recognised for their ongoing Twitter conversations.

Since its launch in 2013, DOGE has demonstrated tenacity that has allowed it to survive many downturn markets despite its reputation as a meme coin. However, XRP has had extended usage and has been one of the best-performing assets in the cryptocurrency sector in recent years. Due to Ripple’s ODL partnerships with numerous leading institutions and banks, the asset is used for next-generation cross-border settlements. Investors are left to question why the billionaire does not pay as much attention to XRP in light of this.

Real also: SEC Settlement And Positive Social Activity Drive XRP As Only Green Asset In Top 15

XRP Naysayers

Despite the apparent ambiguity, some people have argued that Musk’s choice of DOGE over XRP is justifiable because it is in certain ways superior to XRP. In response, a community member said, “Even DOGE has more utility than XRP,” claiming that XRP might not even be able to reach its previous all-time high. The meme coin is predicted to hit $1 in the upcoming bull run (ATH).

Another user noted the disparity in tokenomics as a possible explanation for the billionaire’s decision, asserting that DOGE had better tokenomics than XRP. He pointed out that DOGE is better than the dollar because, although having no maximum supply, it is constantly diluted, unlike XRP, which is around 48% diluted. “For use as spendable currency, Doge is superior,” he added.

Elon Musk’s Ongoing Interest in DOGE

Although this surge of inquiries only seldom occurs, Musk continues to support DOGE. The price changes of the meme coin have also reacted to the Tesla Chief’s PR appearances. Also contributing to its climb to the ATH of $0.73 in May of last year was Musk’s interest in the asset.

After experiencing months of general underperformance as a result of the current bear market, DOGE soared by over 70% to reach the $0.15 region on November 1 as news of Musk’s purchase of Twitter spread. Since its fall in April, the meme coin had not crossed the $0.15 mark.

Additionally, the billionaire has often made hints that DOGE would be added to the Twitter payment system, which has caused the asset’s price to rise each time. Furthermore, in the middle of November, Musk unexpectedly appeared on a Twitter platform and yelled, “DOGE to the moon.” 15 minutes later, as previously reported, the asset’s price increased and $1.5 billion inflows were recorded.

Six months after Musk first alluded to the change, Tesla started taking DOGE payments in January. According to Tesla, it only accepts DOGE as a kind of digital currency. The Tesla Chief also disclosed that Tesla owned DOGE and BTC and are listed in its financial statements. As was revealed in June, Tesla kept its DOGE while selling approximately 75% of its BTC holdings.

Musk revealed in May that his company SpaceX, which makes spacecraft, would begin taking DOGE as payment for merchandise. Elon Musk also mentioned on September 14 that DOGE may be used to purchase Tesla’s recently released Cyberwhistle. Musk has also consistently made positive remarks about the meme coin, which have occasionally had an impact on its price.

In contrast, DOGE beats every other asset in the top 20 list of most valuable cryptocurrencies by market cap; as of press time, it is trading at $0.095 after gaining 24.60% in the past week. Additionally, XRP has increased 8.64% over the last week and was trading at $0.38 at the time of the publication.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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