Elon Musk Prefers Dogecoin
Elon Musk, the CEO of Tesla (NASDAQ: TSLA), is well known for his admiration of the meme cryptocurrency Dogecoin (DOGE), as well as for his close relationship with the coin, which has a positive impact on its price. He is the richest man in the world, so it’s interesting to see why he prefers Doge coin over other well-known cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
He elaborated on this point in Q2 2023 when he spoke at the Wall Street Journal CEO Council Summit, describing why the meme coin is his favourite cryptocurrency. Musk said that his affection for Dogecoin is more related to its humorous nature than to the token’s potential in the cryptocurrency market.
Despite his prominence in the cryptocurrency industry, Musk made it clear that he is not encouraging anyone to invest in virtual currencies or take unwarranted financial risks.
“I’m not advising anyone to buy a crypto or bet the farm on Dogecoin or anything like that. Maybe you should, but let me advise you that would be perhaps unwise. Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.”
"Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs"
— Elon Musk
— DogeDesigner (@cb_doge) July 19, 2023
Musk has a long-standing relationship with Dogecoin, as evidenced by his promotion of the cryptocurrency on shows like Saturday Night Live, his purchase of some for his son, and his declaration of his willingness to work with the project’s creators to make it more appealing for general use. After buying the business, he showed his dedication by temporarily changing the Twitter logo to a Dogecoin image.
Cryptocurrency players also recognise Musk’s contribution to Dogecoin’s success at this time. For instance, Changpeng Zhao, the CEO of Binance, expressed his surprise that Dogecoin had not vanished and hypothesized that Musk may have contributed to the meme coin’s continued existence.
Notably, after Musk revealed a new financial system for the social media platform, there is more talk about Dogecoin possibly taking on a new role within the Twitter ecosystem.
Additionally, as noted by Finbold, Dogecoin experienced a brief increase when news broke that Tesla might incorporate Bitcoin and DOGE as payment options, motivated by the potential addition of source code.
Despite Musk’s particular admiration for Dogecoin, he continues to be a key player in the cryptocurrency industry as a whole. According to Finbold, the billionaire entrepreneur concurred that by 2030, cryptocurrencies would be supported by GPUs.
At the time of writing, DOGE was trading at $0.072, maintaining its position above the $0.07 support region.