On Sunday (October 24), Tesla and Space X CEO Elon Musk, who must be Dogecoin’s number one celebrity fan, explained why he decided to support the highly popular dog meme based cryptocurrency.

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 nineth most valuable cryptocurrency, with a market cap of nearly $35 billion.

On 1 April 2019, the people behind the Twitter account of Dogecoin, conducted a Twitter poll to find out who the Dogecoin community thinks should be the honorary “CEO” of Dogecoin.

The following day, Musk — who had called Bitcoin’s structure “quite brilliant” in a podcast interview in February 2019 — found out about this poll, after which he sent out the following tweet:

And since then, the Tesla CEO has expressed his affection and support for Dogecoin on numerous occasions.

Well, yesterday, after one popular Dogecoin influencer tweeted the link to an article that said according to a recent poll roughly one third of all crypto holders in the U.S. own $DOGE, Musk sent out a reply that explained in a more serious way than ever how he originally came to support Dogecoin, which he referred to as “the people’s crypto”.

Interestingly, an hour before this tweet, Musk had revealed via another tweet that he does not own any Shiba Inu ($SHIB) tokens.

According to data by TradingView, currently (as of 9:55 a.m. UTC on October 25), Dogecoin is trading around $0.267, up 7.76% vs USD in the past 24-hour period.

One-Day DOGE-USD Price Chart (Bittrex) by TradingView


The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.