Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
May 25, 2023

Elon Musk Says Top Memecoin Dogecoin (DOGE) Is Still His Favorite Crypto Asset – Here’s Why

By Rhodilee Jean Dolor

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).

ADVERTISEMENT

“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.

ADVERTISEMENT

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.

I

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generate Image: Midjourney
Shutterstock/K MrArtHit