Tesla CEO and SpaceX founder Elon Musk is optimistic on Dogecoin. Musk, the world’s richest man, called it the “people’s cryptocurrency”.
Musk explained the reasoning behind his support for Dogecoin: “A lot of the people I talked to on the production lines at Tesla or SpaceX’s own Doge build rockets. They’re not financial experts or Silicon Valley technologists. So I decided to support Doge – it felt like people’s cryptojacking.”
According to CoinGecko, Dogecoin is up about 10% in the last 24 hours.
Musk admitted that he has invested in three cryptocurrencies, Bitcoin, Ethereum and Dogecoin.
On Sunday, Elon Musk tweeted a photo of his puppy helping the Shiba Inu vault rank the largest cryptocurrency by market cap. Now the meme token is down when it said it had no owners.
Musk responded to a question from a Twitter user asking how much Shiba Inu has, “None.” In a follow-up tweet, he said he had bought bitcoin, ether and dogecoin, and “that’s it.”
As of 9:30 a.m. on Monday, SHIB, as the crypto is known, was down 15% from Sunday Hong Kong time highs, according to pricing from CoinGecko.com. The token – centered around a breed of Japanese hunting dogs – has grown by more than 400% in the past 30 days to become the 11th largest.
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