Elon Musk reveals why Dogecoin is his favorite cryptocurrency

Tesla (NASDAQ: TSLA) CEO Elon Musk is known for his appreciation of the meme cryptocurrency Dogecoin (DOGE) and his close association with the token, which consistently influences its value. As the world’s richest man, Musk’s preference for Dogecoin is intriguing, especially considering the existence of other established cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).

In this line, during his appearance at the Wall Street Journal CEO Council Summit in Q2 2023, Musk elaborated on why the meme coin ranks as his favorite cryptocurrency. Musk explained that his love for Dogecoin goes beyond the token’s capabilities in the cryptocurrency market and is more related to its humorous nature.

At the same time, despite his influence in the crypto space, Musk made it clear that he is not advising anyone to invest in digital currencies or take any financial risks lightly.

“I’m not advising anyone to buy a crypto or bet the farm on Dogecoin or anything like that. Maybe you should, but let me advise you that would be perhaps unwise. Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.”

"Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs"

— Elon Musk

pic.twitter.com/sMGv1AbzQC
— DogeDesigner (@cb_doge) July 19, 2023

Musk’s relationship with DOGE

Musk’s connection with Dogecoin has been longstanding, marked by his promotion of the cryptocurrency on platforms such as Saturday Night Live, purchasing it for his son, and expressing his willingness to collaborate with its developers to enhance its appeal for broader use. In a true show of commitment, he temporarily replaced the Twitter logo with a Dogecoin image after acquiring the company.

At the same time, crypto players are also appreciating Musk’s role in helping Dogecoin find viability. For instance, Changpeng Zhao, the CEO of Binance, shared his surprise that Dogecoin had not faded away and suggested that Musk might have played a part in prolonging the lifespan of the memecoin.

Notably, there is increased speculation that Dogecoin might find a new role within the Twitter ecosystem after Musk announced a new financial system for the social media platform.

Furthermore, as reported by Finbold, Dogecoin surged briefly when reports emerged about Tesla potentially integrating Bitcoin and DOGE as payment options, driven by the possibility of adding source code.

Despite Musk’s specific appreciation for Dogecoin, he remains an influential figure in the overall cryptocurrency market. In line with this, Finbold reported that the billionaire entrepreneur agreed with the notion that by 2030, cryptocurrencies will be backed by GPUs.

In the meantime, DOGE continues to hold above the $0.07 support zone, trading at $0.072 at the time of writing.