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Elon Musk Reveals His Favorite Crypto – Hint: It’s Not Bitcoin

Last Updated March 4, 2021 2:43 PM
Gerelyn Terzo
Last Updated March 4, 2021 2:43 PM

Billionaire Elon Musk has a favorite cryptocurrency — Dogecoin (DOGE). We knew Musk was a fan of crypto after he touted the brilliance of bitcoin, suggesting paper money would eventually disappear. His preference for Dogecoin comes as a welcome surprise and has emboldened the meme-happy community.

After months of the crypto community trying to get Musk’s attention with the BTC Lightning Torch, the Tesla founder finally took the bait, only it wasn’t bitcoin. Musk responded to an April Fools’ Dogecoin poll in which he is named among potential CEO candidates alongside heavy blockchain hitters Vitalik Buterin, Charlie Lee, and Marshall Hayner. Musk tweeted:

“Dogecoin might be my fav cryptocurrency. It’s pretty cool.”

Much Wow, Very Meme

That’s a good thing, considering Musk ran away with nearly three-quarters of the vote at last check (69%), followed by Hayner, Buterin, and Lee, respectively. He is already at the helm of Tesla, SpaceX, and the Boring Company, to name a few. What’s one more? Musk’s declaration inspired much and very memes from the Dogecoin community:

Musk couldn’t have picked a better time to jump on the DOGE bandwagon after the top-26 coin rallied by double-digits on April Fool’s Day. Today, the mineable cryptocurrency that was created as a joke is up another 3%.

dogecoin price, elon musk
Dogecoin is in the middle of a major rally. | Source: CoinMarketCap

Dogecoin on the CEO Hunt

The beauty of Dogecoin has been its decentralized nature considering nobody controls the project. It is described as internet currency and has gained rock-star status in the crypto community for its Shiba Inu mascot, Doge.

Dogecoin is everyone’s favorite crypto joke. | Source: Dogecoin website

Jackson Palmer, who created Dogecoin in 2013, is no longer associated with DOGE or any cryptocurrency. Musk’s interest in the project must surprise nobody more than Palmer, who is either kicking himself or patting himself on the back right now.

Meanwhile, the Dogecoin team ribbed their followers with an April Fools’ joke in which they stated :

“We have listened to your concerns. We have decided that Dogecoin does need a CEO. Someone who can lead us into the future while maintaining the core values of what we are.”

The joke is apparently on everyone who dismissed Dogecoin, whose pronunciation and purpose are often the subject of ridicule.

Bitcoin’s Bull Run

Perhaps Musk will also catch bitcoin fever, especially now that the biggest cryptocurrency appears to be back in bullish terrain. After meandering around the $4,000 level for much of March, the bitcoin price has jumped more than 20% this morning and crossed $5,000. Now that the BTC price has surpassed the key $4,200 technical level, the bearish calls have officially been drowned out.