Dogecoin: Musk Is Asked for View on Crypto, Explains Why He Mainly Supports’ $DOGE

On Friday (August 5), Tesla and Space X CEO Elon Musk shared his latest thoughts on crypto.

Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog).

Since then, its popularity has substantially increased, especially in the past couple of years, mostly thanks to support by billionaires Elon Musk and Mark Cuban (the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” , to the point that it is currently the 11th most valuable cryptocurrency, with a market cap of over $9.26 billion. In fact, in 2019, Musk said that $DOGE might be his favorite cryptocurrency.

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

— Elon Musk (@elonmusk) April 2, 2019

On June 19, Musk tweeted that he will keep supporting Dogecoin, which was not too surprising given that he has been saying nice things on Twitter about Dogecoin for the past three years.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

What was surprising, though, was what the Tesla CEO said after one psendoymous crypto analyst (“Altcoin Gordon”) challenged him to buy $DOGE, to which Musk replied that he is.

I am

— Elon Musk (@elonmusk) June 19, 2022

The Tesla CEO’s latest comments about Dogecoin were made yesterday during an interview on “Full Send Podcast “.

Musk had this to say about $DOGE:

“I’m mainly supporting DOGE frankly because I think DOGE has the memes and the dogs, and has a sense of humor, and doesn’t take itself too seriously...

“And I do think, actually weirdly, even though DOGE was just designed to be this ridiculous joke currency, the actual transactional throughput capability of DOGE is much higher than Bitcoin. And the fact that there’s five billion DOGE created every year is actually I think good for using it as a transactional currency.”

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