Despite crypto values plummeting in yet another bloodbath this year, Elon Musk has praised Dogecoin, energizing supporters of the canine-themed coin.
The reason he likes dogecoin is because it recognizes it is ridiculous, Dogecoin co-founder Billy Markus tweeted on May 13th. Elon Musk replied almost instantly, suggesting that it had currency potential, driving the doge community into a flurry of optimism.
Billy Markus, also known on Twitter as “shibetoshi nakamoto,” co-founded DOGE with Jackson Palmer, a former Adobe software developer. Markus abandoned DOGE years ago, while pushing it on the sidelines, claiming terrible experiences such as frauds and a “sociopath” taking over the community.
Musk’s response, which has garnered over 50k likes as of writing, drew a lot of attention from Dogecoin supporters hoping for a price increase.
While it’s amusing that DOGE is down nearly 87 percent after Musk shilled the coin on Saturday Night Live last year, the Tesla co-founder has become a top influencer for the cryptocurrency owing to his pro-growth ideals.
Musk lauded DOGE as a superior form of digital payment compared to Bitcoin in an interview with TIME Magazine, in which he was named the 2021 person of the year. Later that year, he stated that Tesla will begin taking bitcoin payments for items, with intentions to do the same for Starlink.
The billionaire bought a large interest in Twitter last month. He revealed plans to acquire the firm for $44 billion and take it private on April 25th, pushing DOGE up 34% on speculation that he will include the token as a payment option on Twitter.
While these are merely rumors, Musk has previously expressed interest in developing a Dogecoin-centered digital wallet or a full-fledged DOGE-based payment network that would be free to Twitter users.
While it is difficult to anticipate the direction of price, it is safe to assume that Musk will contribute to a price recovery by continuing to promote the currency.