Notable financial influencer Mason Versluis believes Elon Musk should have directed his fervent advocacy towards XRP, not DOGE.
Mason Versluis – a prominent entrepreneur and financial creator with 1.2M followers on Titok and a presence in the crypto space – has weighed in on billionaire Elon Musk’s zealous advocacy for meme coin Dogecoin (DOGE), noting that he believes such attention should have been directed towards assets such as XRP.
Versluis disclosed his opinion on the situation on Sunday as he expressed his perplexity over the billionaire’s choice. “I’ll never understand why Elon Musk would choose DOGE over something like XRP,” Versluis said in a tweet that has unsurprisingly sparked mixed reactions from the broader crypto community.
— MASON VERSLUIS 🏆🔮 (@MasonVersluis) November 27, 2022
Due to his incessant advocacy for the meme coin, Elon Musk has been repeatedly associated with DOGE. Musk’s neverending DOGE PR and warm reception of cryptocurrencies have made him popular among crypto proponents. While the crypto community has wholeheartedly welcomed him, little is known about the reason behind his choice of the asset.
Versluis’ recent remarks echoed the inner thoughts of other crypto proponents, as several individuals expressed a similar perplexity. In particular, a CubeX lead developer and NFT investor asserted that there could be some special connection between Musk and the DOGE team or guarantee future ownership. Musk is also known for his perpetual Twitter interactions with Dogecoin’s co-founder Billy Markus.
Despite its status as a meme coin, DOGE has shown resilience that has kept it standing through several bear markets since its inception in 2013. Nonetheless, XRP has been one of the best-performing assets within the cryptocurrency space in the past years, with extended utilities. The asset is utilized for next-generation cross-border settlements due to Ripple’s ODL partnerships with several top entities and banks. This makes investors wonder why the billionaire does not give XRP as much attention.
Notwithstanding the general confusion, some individuals have claimed that DOGE is better than XRP in certain respects, and Musk’s choice is justified. “Even DOGE has more utility than XRP,” a community member said in response, asserting that the meme coin will likely hit $1 in the next bull run while XRP might struggle even to reclaim its previous all-time high (ATH).
Another user pointed out the difference in tokenomics as a likely reason behind the billionaire’s choice, claiming that DOGE has better tokenomics than XRP. He cited that XRP is about 48% diluted while DOGE, despite having no max supply, is in a constant state of dilution, making it better than the dollar. “For use as spendable currency, Doge is superior,” he added.
Glad you asked let’s talk tokenomics. Doge has circulating supply of 132 billion & 5 billion are mined a year w/no max supply. Although there is constant dilution, it’s still superior to USD in that regard. XRP is only 48% diluted. For use as spendable currency, Doge is superior https://t.co/tipACBn3j4
— Steve 2x (@BeastManSteve) November 28, 2022
Elon Musk’s Persistent Fascination with DOGE
Musk’s DOGE advocacy persists despite the occasional occurrence of this wave of questions. The meme coin’s price movements have also responded to the Tesla Chief’s PR sessions. Its rise to the ATH of $0.73 in May last year was also partly influenced by Musk’s attention to the asset.
Following months of general underperformance due to the prevailing bear market, DOGE surged by over 70% to touch the $0.15 zone on November 1, as reports of Musk’s Twitter takeover deal emerged. Before then, the meme coin had not touched the $0.15 territory since its crash in April.
The billionaire has also hinted at integrating DOGE into the Twitter payment system on several occasions, contributing to the asset’s price surge each time. Additionally, Musk made a surprise appearance on a Twitter space in mid-November, yelling, “DOGE to the moon.” Fifteen minutes later, the asset’s price rose, with $1.5 billion inflows, as previously reported.
In January, Tesla began accepting DOGE payments months after Musk hinted at the development. Tesla has noted that it does not accept other digital assets besides DOGE. In addition, the Tesla Chief revealed that Tesla owns DOGE in its balance sheets and BTC. Despite selling off 75% of its BTC holdings, Tesla retained its DOGE, as reported in June.
In May, Musk disclosed that his spacecraft manufacturing firm SpaceX would also start accepting DOGE payments for merchandise. Furthermore, on September 14, Elon Musk noted that Tesla’s recently-launched Cyberwhistle could be purchased with DOGE. Musk has also been persistent with his bullish comments on the meme coin, which have occasionally affected its price.
Meanwhile, DOGE outperforms every other asset on the top 20 list of largest cryptocurrencies by market cap; with a 24.60% gain in the past week, it changes hands at $0.095 as of press time. Also, XRP has gained 8.64% in the past seven days, trading at $0.38 at the reporting time.