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Elon Musk shows his love for Dogecoin, Claiming it to be People’s Crypto

In reaction to “Dogecoin millionaire” Glauber Contessoto, Elon Musk tweeted that he sees Dogecoin as “the people’s crypto” and stated why he supports it. Musk’s comments about his beloved dog Floki have caused Shiba Inu (SHIB) prices to skyrocket, but the billionaire Tesla CEO has since clarified that he doesn’t hold any SHIB tokens, although Dogecoin (DOGE) does make it into his personal portfolio. On Twitter, Musk gushed about the original meme coin, emphasizing that he backs it because “it felt like the people’s crypto.”

Musk usually keeps his crypto-related tweets short and left to interpretation, but in a rare turn of events, he opted to elaborate on his investing calls.

While responding to a tweet about a survey claiming that over 33% of cryptocurrency users in the United States held DOGE, Musk praised the crypto asset. “Many of the workers I spoke with on Tesla’s assembly lines or at SpaceX’s rocket factory possess Doge. They aren’t financial professionals or techies from Silicon Valley. That’s why I chose to back Doge—it seemed like the people’s cryptocurrency “In a tweet, Musk stated.

While this is a distinct poll, the statistic does align with data from Australian research firm Finder, which recently conducted a study in which over 30% of crypto holders in the United States claimed to own Dogecoin.

In a rare, talkative mood, the Tesla and SpaceX CEO also mentioned possible meetings with the Doge development team and whether he had any insights on impending changes. “Not recently, at least. What counts, in my opinion, are reduced costs, shorter block times, and larger blocks. The simplest option for a medium of exchange appears to be a single layer network with exchanges as de facto layer 2 “Musk stated the following.

Billy Markus, the co-creator of Dogecoin, was quick to respond to Musk’s remark. “Imo [in my opinion], dogecoin just needs to be quick, scalable, and cheap to transmit around; it doesn’t need to be another blockchain that hosts NFTs or other tokens or whatever the tech to get there is complex, but that utility is simple and needed—beauty in simplicity,” Markus added.

Musk sent out a series of tweets shortly after confirming that he only owns three cryptocurrencies: Bitcoin, Ether, and Dogecoin.

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