Elon Musk hails Dogecoin as ‘people’s crypto’

NEW DELHI: Elon Musk has been a voracious supporter of

Dogecoin

and has helped the first meme coin to gain popularity. He revealed in a tweet on October 24, the real reason for supporting the meme-based cryptocurrency.


Musk tweeted in response to Dogecoin millionaire Glauber Contessoto’s tweet. He shared that a lot of people at his car making company Tesla and space satellite company Spacex own Dogecoin.

He added Dogecoin feels like the people’s crypto because the people that support it are neither financial experts nor Silicon Valley technologists,

Contessoto’s tweet was about a survey which said that one third of all crypto owners in the US owned Dogecoin. This is what prompted Musk to reiterate his support for the meme-based cryptocurrency.

The Doge community cheered Musk’s comment in support of Doge. Contessoto replied saying that many Dogecoin owners do not come from privileged backgrounds and find the advice of the financial experts in Silicon valley unrelatable.

He thanked Musk for supporting the meme coin. Dogecoin was launched in 2013, by Jackson Palmer and Billy Markus as a sarcasm and following up a social media joke.

According to the recent survey of Finder, an Australian cryptocurrency survey agency, more people in the USown Dogecoin than in any other country. The survey stated that Dogecoin had the highest adoption in the United States with 30.6% of crypto holders owning the crypto.


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