Elon Musk, CEO of Tesla (NASDAQ: TSLA), is well known for his support of Dogecoin (DOGE), the meme cryptocurrency, and his influence on its value. This is intriguing, considering the existence of other established cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). During his appearance at the Wall Street Journal CEO Council Summit in Q2 2023, Musk explained why Dogecoin is his favorite cryptocurrency.
He stated that his love for Dogecoin goes beyond its capabilities in the crypto market and is more related to its humorous nature. At the same time, he strongly advised against investing in digital currencies or taking any financial risks lightly.
Musk’s connection with Dogecoin goes back a long way, from his promotion of the cryptocurrency on Saturday Night Live to his purchase of it for his son, and his willingness to collaborate with its developers to enhance its appeal for broader use. Even more impressively, he temporarily replaced the Twitter logo with a Dogecoin image after acquiring the company.
Changpeng Zhao, CEO of Binance, expressed his surprise that Dogecoin had not faded away and suggested that Musk might have played a part in prolonging the memecoin’s lifespan. There is also speculation that Dogecoin might find a new role within the Twitter ecosystem after Musk announced a new financial system for the social media platform.
Furthermore, reports emerged about Tesla potentially integrating Bitcoin and DOGE as payment options, driven by the possibility of adding source code. This caused Dogecoin to surge briefly.
Despite his specific appreciation for Dogecoin, Musk is still an influential figure in the overall cryptocurrency market. He agreed with the notion that by 2030, cryptocurrencies will be backed by GPUs. At the time of writing, Dogecoin is trading at $0.072, above the $0.07 support zone.
