The name of Ilon Musk’s cryptocurrency

The famous billionaire, founder of electric car manufacturer Tesla and space engineering company SpaceX has suddenly gained significant influence in the crypto world. Ilon Musk mentioned the Dogecoin token on his blog. After that, the price of the coin increased in times. In the material we will tell you what attracted the cryptocurrency of Ilon Musk and how the further support of the entrepreneur was manifested. Also, readers will learn whether there is a connection with the businessman in another digital asset with the ticker MASK.

What is the favorite cryptocurrency of Ilon Musk

The personality of the famous entrepreneur and investor attracts the attention of the world community. Unlike most billionaires, Musk actively uses social networks and maintains the interest of his audience. It includes users from the field of finance and technology. In February 2021, Ilon Musk published a post on his blog in which he called Dogecoin “the people’s cryptocurrency”.

This statement attracted significant attention to the project and caused a sharp rise in the value of the DOGE token. Its price rose 8.9 times – from $0.008165 to $0.07284.

Why Ilon Musk is investing in DOGE

The story received publicity and additional comments from the billionaire. The excitement continued to grow. Elon Musk began to be invited to podcasts related to cryptocurrencies, as well as other popular TV shows in which the billionaire educated the public about the possibilities of the blockchain industry. In April 2021, Ilon Musk hosted Saturday Night Live. In his monologue, he mentioned Dogecoin again and called it a “financial phenomenon.” This led to another jump in the price of the asset.

By May 2021, the DOGE rate had already risen to $0.7376. As a result, the price of the coin grew 90.3 times in 2.5 months.

Critics accused Max of speculation and artificial influence on the market. In their opinion, the billionaire wants to enrich himself on the volatility of the asset, behind which there is nothing. However, Musk began to actively support and invest in the token.

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In May 2021, the entrepreneur conducted a poll on his blog. The topic was the use of Dogecoin as a means of payment when buying Tesla electric cars. In June of the same year, Musk changed his avatar to a DOGE symbol in support of the token.

In June 2021, the entrepreneur announced his investment in Dogecoin at the B-Word conference. The businessman noted that he based his choice of asset for investment on the functionality of the digital coin – namely fast online transactions and low fees. He also noted that the DOGE cryptocurrency could simplify international payments.

Musk also emphasized that Dogecoin’s potential can be used in charity. The businessman promised to donate a significant amount in this cryptocurrency to fund projects to clean up the oceans.

History of Dogecoin’s emergence

The cryptocurrency appeared in 2013 as a joke of developers. Programmers Billy Marcus and Jackson Palmer created a coin with an ironic name and an avatar character in the form of a Shiba Inu dog.

They positioned the asset as an alternative to the overly serious blockchain projects of the time – Bitcoin and Ethereum. The crypto community warmly accepted the irony of the creators. The coin became a viral trend and even acquired slogans:

• Such Wow – translated as.
• Much Coin – “Much Coin.”

After the Dogecoin phenomenon, the community introduced the definition of “memcoin” or “meme cryptocurrency”. As a rule, this is the name given to assets without a serious blockchain idea that managed to gain viral popularity. Against the background of the latter, such low-value digital currencies show a sharp jump in price.