Back in July 2021, Tesla CEO Elon Musk confirmed publicly during a conference that he owns a few cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin, but he has repeatedly favoured the latter in interviews and posts on social media.
The 50-year-old entrepreneur did explain last year the main reason behind his decision to support Dogecoin after repeatedly mentioning in the past that he collaborated with its developers.
"Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge," Musk wrote on Twitter.
"They aren't financial experts or Silicon Valley technologists. That's why I decided to support Doge - it felt like the people's crypto."
Back in May 2021, Musk didn't hesitate to joke that Dogecoin could actually become a reserve currency in the future.
"The point is that Dogecoin was invented as a joke, essentially to make fun of cryptocurrency," he told TMZ.
"Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency. To the moon!"
Elon Musk reveals reasons behind support for Dogecoin
Just a couple of months ago, Musk said in an interview he gave to Time Magazine that he would favour the introduction of Dogecoin as a transactional currency over the more popular Bitcoin.
"Fundamentally, Bitcoin is not a good substitute for transactional currency," Musk said.
"Even though it was created as a silly joke, Dogecoin is better suited for transactions.
The transaction volume of Bitcoin is low, and the cost per transaction is high."
"At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency.
"The total transaction flow that you do with Dogecoin in transactions per day has a much higher potential than Bitcoin."
FAQs
Musk also detailed some of the reasons behind his endorsem*nt of DOGE. "The reason I ended up sort of endorsing Dogecoin is that when I was walking around the factory at Tesla, some people asked me to support Doge. Then, at SpaceX, some regular guys said, 'Can you support Doge?'
Why does Elon Musk like Dogecoin? ›
He continued promoting Dogecoin on various platforms, leading to its inclusion in the top 10 cryptocurrencies by market capitalization. Musk's obsession with Dogecoin continued. Once, he said Doge is his favorite cryptocurrency because “it has the best humor and it has dogs.”
Why is everyone buying Dogecoin? ›
One might say that Dogecoin is a cryptocurrency of the people. Over 96% of crypto wallets holding Dogecoin have $1,000 or less worth. That hints at Dogecoin's reputation as a fun cryptocurrency that investors generally buy, hoping for a price spike to make quick money.
Is Dogecoin owned by Elon Musk? ›
Billionaire Elon Musk has continued to support the Dogecoin meme coin, revealing that he owns some of the cryptocurrency itself. This is in line with Musk's support that made the meme coin gain prominence in 2021, sending it to new all-time highs.
Will Dogecoin reach $1? ›
There is a clear path for Dogecoin to rise sixfold to get to $1 per coin. All it has to do is make progress toward greater adoption in the way Bitcoin has. That might give Dogecoin bulls reason to be optimistic, but we have to try and assess the probability of this actually happening.
Does Dogecoin have a future? ›
CoinMarketCap analysts expect Dogecoin to remain a major player in the cryptocurrency market for years to come and foresee that its price could reach up to $4,423 by 2050.
What is Elon Musk's involvement with Dogecoin? ›
In April, Musk teased DOGE payments on X, then known as Twitter, proposing dogecoin as one of the payment options for Twitter Blue, the site's subscription service with premium features. Musk's electric car company Tesla already accepts DOGE payments for merchandise purchases in the Tesla Store.
Is DOGE worth keeping? ›
It may be a fun concept, but Dogecoin isn't a good investment. It doesn't derive value from another asset, as stablecoins do, or add value to any financial system, such as Ethereum (ETH 1.62%). Dogecoin's biggest asset, aside from its entertainment value, is its community.
Should I hold onto Dogecoin? ›
Dogecoin can still be a good investment in 2024 and beyond. As with any digital asset, however, you will need to make sure it fits into your investment portfolio and that you're aware of all the potential risks. DOGE, like other cryptocurrencies without a clear use case, is best thought of as a speculative asset.
Is it smart to buy Dogecoin right now? ›
Long-term perspective
Dogecoin's strong community of supporters can help keep its price high enough for the token to remain relevant. But this is no way to invest your hard-earned savings. With that in mind, it's a smart move to avoid adding Dogecoin to your portfolio.
According to Musk, Bitcoin (BTC) got support from a lot of rich people and he wanted to support a crypto that is preferred by the general public. Tesla started accepting Dogecoin payments for its company merchandise from Jan. 14, 2022.
What crypto does Mark Cuban own? ›
In a January ask-and-answer session on X, Cuban said that his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment.
Does Tesla still own Dogecoin? ›
We do not own or control the Dogecoin network or the software for your Dogecoin wallet.
Does Amazon accept Dogecoin? ›
Does amazon accept dogecoin? While you can't make a direct purchase with Dogecoin on Amazon, you can turn your existing currency into a gift card. Amazon does accept gift cards, and through Coinsbee, you can pay for these digital cards with Dogecoin. This is the fastest workaround for buying things with crypto.
Where will Dogecoin be in 5 years? ›
Dogecoin (DOGE) Price Prediction 2030
| Year | Price |
|---|
| 2024 | $ 0.147722 |
| 2025 | $ 0.155108 |
| 2026 | $ 0.162863 |
| 2027 | $ 0.171007 |
1 more rowBest Crypto To Buy Now
- Bitcoin (BTC) Market cap: $1.3 trillion. ...
- Ethereum (ETH) Market cap: $385.5 billion. ...
- Tether (USDT) Market cap: $110.4 billion. ...
- Binance Coin (BNB) Market cap: $90.5 billion. ...
- Solana (SOL) Market cap: $66.4 billion. ...
- U.S. Dollar Coin (USDC) Market cap: $33.2 billion. ...
- XRP (XRP) ...
- Dogecoin (DOGE)
Dogecoin's celebrity influences
Elon Musk, Mark Cuban, and Snoop Dogg are just some celebrities who've had a tremendous influence on Dogecoin's market performance. Elon Musk's Saturday Night Live monologue saw him make jokes about Dogecoin, which led to the cryptocurrency's sudden increase in value.
Will Dogecoin reach $5? ›
Market watcher and crypto trader CryptoPatel has given an extremely bullish prediction for Dogecoin, saying it could reach as high as $5. According to the prediction, current patterns in DOGE are signaling a potential 6,000% surge from its current price, something we have never seen from the leading dog-coin.
Will Dogecoin ever become anything? ›
Dogecoin has seen around 8% growth during the past month, and analysts expect it to reach a maximum of $182.07 by 2050. Dogecoin (DOGE) was created as a joke in 2013 but has since gained immense popularity and now has a loyal following and a market capitalization of over $22.54 billion as of Apr. 17.
What crypto will explode in 2024? ›
The index includes top tokens like $SOL, $ETH, and $WBTC- all of which are expected to see considerable gains in 2024 - making this a fantastic DeFi platform primed to explode throughout the year.
