Not many people understand why, but Elon Musk has always liked the popular meme coin called Dogecoin. Dogecoin came as a joke. When some people saw the massive rise in different cryptocurrencies, they made the coin to mock the huge crypto population. Despite creating another altcoin wasn’t their intention, the coin became an internet sensation, and crypto makers had to turn into the crypto known as Doge.
The coin has continued to perform impressively, which many people believe is due to Musk’s love for the coin. The billionaire is not afraid of publicly speaking about the crypto, and he has tweeted about the coin numerous times, leading to the asset’s growth based on the entrepreneur’s influence.
Musk has always influenced the crypto space
Recently, Tesla invested billions of dollars in Bitcoin, and many people believe that Dogecoin might be the next crypto investment the electric car company would make. Some days ago, tech stocks hit a rock, and this means that many tech-related stocks were declining at an unexpected rate, but Tesla has been growing, and people linked this growth to Bitcoin’s growth as the asset hit $60,000 over the weekend.
Again, the businessman is using his influence to demand the listing of Dogecoin, one of America’s most used exchanges. People understand that the final listing of the coin would lead to the asset’s growth as Tesla might make more crypto investments via Dogecoin.
The Twitter crypto community asked a question, which got Musk’s attention. The question was ‘Do you think Coinbase should enable Dogecoin on their platform?. The question got so many positive responses, and even a ‘Yes’ from Musk, who seems to follow crypto-related Twitter trends. People believe that Coinbase might consider listing the coin with many positive responses following the support for Doge.
While Tesla officially made a crypto purchase early this year, Musk has been influencing the digital asset space far before the purchase, and his response excites the digital asset enthusiasts. Musk has been known to be one of the biggest factors behind the coin’s success and growth as the businessman had caused Dogecoin to climb by almost 40% within an hour after his tweet related to the coin.
Other people go bullish on Dogecoin
The coin is relatively new as it was created in 2013 when many altcoins came into the limelight. The creators were Billy Markus and Jackson Palmer, who programmed the coin when people demanded a Bitcoin-like coin. Musk had said that Dogecoin is a descendant of Bitcoin, which could be the reason for the support.
The coin has the symbol of a dog, which is known as a funny Japanese dog. Although no one takes the coin as a joke anymore, people still refer to the coin’s incredible success story, especially since its huge success.
Musk has been very outspoken and bullish about Dogecoin, but it seems that it’s not only the businessman that is bullish about Doge. Another crypto influencer, Lil Yachty, shared that he invested heavily in the meme coin, and this shows his support.
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