As new memecoins make waves in the crypto space, billionaire Elon Musk says that Dogecoin (DOGE) remains his favorite digital asset.
In a new interview with The Wall Street Journal, Musk explains why he still prefers the original memecoin, which was created as parody of the leading cryptocurrency Bitcoin (BTC).
“Dogecoin is my sort of favorite cryptocurrency because it has the best humor and has dogs.”
Musk says it will be amusing to see an asset that was created as a joke become a global currency. The statement comes amid reports that Twitter will introduce crypto payments on the microblogging platform.
“A friend of mine has a saying that the most ironic explanation is the most likely and the most ironic outcome for currency would be that the thing that was made as a joke to make fun of cryptocurrencies. The most ironic outcome would be that it becomes the global currency.”
Musk is among DOGE’s most influential supporters. In April, the price of Dogecoin jumped by 30% following his executive decision to change Twitter’s blue bird icon to DOGE’s logo.
The billionaire is already facing a $258 billion lawsuit filed by a group of investors who accuse him of illegally promoting and pumping up the price of Dogecoin. Musk’s lawyers argue that his statements about the token were too vague and silly to be considered an actual endorsement of the digital asset.
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