Tesla CEO Elon Musk on Dogecoin (DOGE): 'It's Pretty Cool'

On Tuesday (April 2), Elon Musk, the CEO of SpaceX and Tesla, commented about what might be his favorite cryptocurrency—Dogecoin (DOGE).

Dogecoin, which was initially released on 6 December 2013, as a "fun and friendly internet currency." It was created by Billy Markus and Jackson Palmer. It 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 to the point that it is currently the 25th most valuable cryptocurrency, with a market cap of around $372 milion.

On Monday (April Fool's Day), the people behind the Twitter account of Dogecoin, created the following poll:

Then, on Tuesday, when Elon Musk, who had called Bitcoin's structure "quite brillaint" in a podcast interview in February, found out about the results of this poll (which at the time had him 16% of the second place candidate), he sent out the following tweet:

Later that day, the Dogecoin account sent out the following tweet to let their newest fan know that he was now Dogecoin's (honorary) CEO:

Less than two hours later, Musk sent out this tweet to show how cool he thinks Dogecoin is:

A few minutes later, Palmer, who owns the "Dogecoin.com" domain name but distanced himself from the crypto scene (with "an extended leave of absence") in April 2015, sent out the following tweet to make fun of Musk:

Palmer was referring to this August 2018 tweet that got Musk in trouble with the U.S. Securities and Exchange Commission (SEC):

Although Musk temporarily changed his Twitter bio to say "CEO of Dogecoin", at press time, it seems that he has changed to read "Former CEO of Dogecoin" as you can see via the following screenshot:

Musk Twitter Bio Screenshot.PNG

According to CryptoCompare, DOGE is currently trading at $0.003144, up 25.09% in the past 24-hour period:

DOGE - 24 Hour CC Chart - 3 Apr 2019.PNG