Elon Musk advocates Dogecoin as a potential currency
Musk's latest statement comes in response to a tweet by Dogecoin co-founder Billy Markus
By Shashank Bhardwaj
Billionaire Elon Musk is a huge advocate of Dogecoin. On Friday, May 13th, he said in a tweet that the crypto token DOGE has immense potential as a fiat currency, in reply to Dogecoin co-founder Billy Markus’s tweet, which said, “the reason i like dogecoin is because it knows it is stupid”.
Dogecoin, which began as a meme coin, has seen its value increase several times since its inception, with Elon Musk as its most vocal supporter. A self-proclaimed Dogefather, Musk has promoted Dogecoin multiple times over the last year, causing the coin to rise in value.
When it was disclosed in April 2022 that Elon Musk had invested in Twitter and controlled 9.2% of the shares, Dogecoin jumped 20%. Later, when it was revealed that Elon Musk would buy Twitter for $44 billion, a follow-up Dogecoin pump occurred. Similar DOGE price spikes occurred in December 2021 and January 2022, when Musk tweeted, "Tesla will make some merch buyable with Doge and see how it goes," and subsequently confirmed it.
Apart from being a "joke" and "meme coin," Dogecoin was created as a peer-to-peer digital currency that could reach a wider range of people than Bitcoin. And Elon Musk, a proponent of Bitcoin and other meme tokens such as Shiba Inu, sees the Dogecoin as having such potential. "Fate loves irony," he previously told TMZ in an interview.
"Dogecoin was invented as a joke, essentially to make fun of cryptocurrency. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency. To the moon!"
Musk also remarked in an interview with Time Magazine that DOGE is more suited for financial transactions than BTC because the cost per transaction is lower and the amount of transactions per second is higher.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash