Elon Musk is no stranger to digital currencies. The billionaire founder made part of his wealth by creating PayPal, a digital payments company, together with cofounders Peter Thiel, Max Levchin and Luke Nosek.
Over the past couple of months, Elon Musk has shared several tweets encouraging people to buy Dogecoin, something that has led to a price increase for the digital currency every time he shares a tweet about it. Following his tweet about getting a Shiba Inu, the price of Dogecoin rose by 7.61%.
At one point, a Twitter follower asked the Tesla boss why he loves Dogecoin, and Elon’s response was that he loves dogs and memes, which are both represented in the digital currency. However, there are speculations that the Tesla founder is promoting the digital coin either because he is invested in it, or as his way of throwing taunts to the US Securities and Exchange Commission (SEC).
In earlier tweets, the SpaceX boss said that he would help make Dogecoin the “currency of the internet” by buying out major Dogecoin holders. At the moment, over a quarter of all Dogecoin in circulation are owned by one holder.
Elon has also called for cryptocurrency exchange Coinbase to accept Dogecoin on their exchange. Already, other cryptocurrency exchanges like Binance have already added Dogecoin to their platforms. However, Elon, who is also known for his love of memes, has previously stated that most of his tweets about Dogecoin are meant as jokes and should not be taken seriously.
Elon Musk is not the only celebrity who is interested in Doge. Other famous people who have shown interest in the digital currency include rapper Snoop Dogg and Gene Simmons.