Elon Musk Explains Why He Supports Dogecoin

Elon Musk

On Sunday, Elon Musk shared tweets about which crypto he has invested in and which one he hasn’t. The Tesla and SpaceX CEO then went on to explain his love and support for Dogecoin.

In a series of tweets, Musk revealed that he had invested in Ethereum, Dogecoin and Bitcoin. When a fan asked how many Shiba Inu coins he owns, Musk replied, “None.” The CEO shared his love for Dogecoin in the following tweet, calling it the “people’s crypto.”

survey by Finder, a price comparison portal, shows that the US has more Doge token holders than any other country. According to the survey’s findings, 30.6% of crypto owners in the US own Doge. This adoption rate is almost 1.6 times the average global adoption rate which is 19.2%. 

Elon Musk’s Love for Dogecoin

Source: Elon Musk/Twitter

In a tweet, Musk explained referring to Dogecoin as the “people’s crypto” after discovering many of his employees own Dogecoins. He then added that these employees are no financial experts or technologists in Silicon Valley. Instead, they are your everyday human. This discovery affirmed his choice to invest in the meme cryptocurrency.

This tweet explaining Musk’s support for Doge got a lot of support from the Doge community. One particular Doge holder, Glauber Contessoto, tweeted,

“#Dogecoin is the little guy personified in crypto which ic why we love it. We appreciate your support, Elon.”

These tweets, of course, had an impact on the crypto market. Shiba Inu’s value went down by 15%, while Doge’s value increased by 10%. Musk’s tweets have had a significant impact on the crypto prices during the year. 

These recent tweets are not the only instances where Musk publicly has sang Dogecoin’s praises. Back in July, Musk had had a live discussion with Twitter’s Jack Dorsey. During the highly anticipated discussion, Musk shared that he thinks

“Doge is money.”

In another instance, while talking to a YouTuber, Dave Lee, Musk joked about investing in Doge over other cryptocurrencies. Although other emerging currencies have low fees, Musk joked that they don’t have “dogs and memes” like Doge.

More on Doge

Doge funded a satellite that SpaceX that launches to the moon in the first quarter of 2022. The Falcon 9 rocket has a nickname, DOGE-1. 

Dogecoin is the largest meme coin in the world, with a market cap of $32 billion. Doge is currently trading at $0.269598. This is a 2.51% increase in 24 hours, according to Coindesk.