Billionaire Elon Musk recently expressed his continued fondness for Dogecoin (DOGE), even as new meme coins gain traction in the crypto space. In an interview with The Wall Street Journal, Musk shared his reasons for favoring the original meme coin, initially created as a playful satire of the dominant cryptocurrency Bitcoin (BTC).
“Dogecoin is my sort of favorite cryptocurrency because it has the best humor and has dogs.”
Musk’s affinity for Dogecoin stems from its delightful sense of humor and its association with adorable dogs. He finds amusement in the idea of a coin that originated as a joke eventually evolving into a global currency. This statement coincides with reports suggesting that Twitter intends to introduce cryptocurrency payments on its microblogging platform.
Musk playfully acknowledged the ironic nature of this potential outcome, citing a friend’s adage that the most ironic explanation is often the most likely one. For currency, the most ironic outcome would be for the asset conceived as a jest to mock cryptocurrencies to ultimately transform into a universally accepted form of exchange.
“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.”
As one of the most influential proponents of DOGE, Musk’s impact on its value cannot be overlooked. When he made the executive decision to change Twitter’s iconic blue bird logo to DOGE’s emblem, the price of Dogecoin surged by 30% in April.
However, Musk currently faces a substantial $258 billion lawsuit filed by a group of investors who allege that he unlawfully promoted and artificially inflated the price of Dogecoin. His legal team argues that his statements regarding the token were too ambiguous and lighthearted to be regarded as a genuine endorsement of the digital asset.