Cryptocurrency News

Elon Musk Finds a new Project around Dogecoin and it is not a very Spectacular one

The internet has not been kind to Elon Musk especially after the crypto crash that he managed to pull by abandoning Bitcoin completely and shaking hands with Dogecoin. His statement on Twitter about how Bitcoin is putting a heavy strain on the environment and Musk along with his company Tesla will be saying goodbye to the cryptocurrency until it becomes more environment friendly and the China banning mining is basically what started the recent crypto crash. Musk has too much influence on the crypto market and as told by various analysts and experts is not a good thing at all.

Musk used to support Bitcoin with his whole heart and then came the meme cryptocurrency and suddenly all of Elon’s focus and energy was diverted. Then came his announcement how Bitcoin should straighten its act and the rest is history.

He has affiliated his affection with the world’s most prestigious cryptocurrency which is Bitcoin and has shifted his focus to a meme cryptocurrency almost like a crush or what millennials would do, it is just without any pattern. After supporting the Dogecoin’s development team both morally and financially Musk has already announced a space mission with Dogecoin and is now ready for another project.

Musk Looking for Literally anything to do with Dogecoin

This new project is nothing but astonishingly average and definitely not the type of thing that will blow you away. Musk has come up with the idea of developing a hot tub that will be powered by the heat generated by the mining of the Dogecoin. Not very smart or practical you see. Most of the news that you come around Dogecoin and every milestone associated with this crypto coin might feel like a joke but its mining is not.

Miners have made quite a pretty satchel of cash pouring their investment into it and skyrocketing the profit by 4500% as of May 2021 due to the increased transaction fees on various crypto exchanges. Dogecoin is a less energy-intensive cryptocurrency when it comes to mining and such but it has a long road ahead of it if at some point the taking down of the pioneers such as Bitcoin and Ethereum becomes the ultimate objective.

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