Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Elon Musk Revealed Why He Likes Dogecoin Over Other Altcoins

Elon Musk Revealed Why He Likes Dogecoin Over Other Altcoins

Tesla CEO Elon Musk continues to promote Dogecoin by asking the crypto community to submit development ideas on GitHub. When asked why he prefers DOGE to other altcoins, he gave a brief reply of:

“Doge has dogs & memes, whereas the others do not.”

At face value, it seems as though Musk is giving a tongue-in-cheek response. But, with the concept of memes as currency gaining traction, does he know something the rest of us don’t?

Why Is Musk So Fixated With Dogecoin?

Since pulling a 180 on Bitcoin, Musk has fallen increasingly out of favor with the BTC community.

Even so, he remains an active participant in the crypto community. For example, it emerged yesterday that he’d been involved with tabling discussions with U.S. miners on the long-term viability of cryptocurrency mining.

Rightly or wrongly, many blame him for the events of the past fortnight in which crypto markets nosedived on reports of FUD. It was Musk’s announcement of withdrawing Bitcoin as a Tesla payment method that kicked things off (but in all fairness, it was probably something much bigger in the background).

Musk turned from hero to villain as quick as a flash as sentiment towards him soured. In a Reddit post calling on others to ignore his comments, one user wrote:

“I don’t have an opinion either way, but I always wondered why everyone looks at Elon like some kind of infallible oracle.

He’s still just a man with his own opinions.”

What puzzles fundamental analysts is his opinion and fascination with Dogecoin. In explaining his preference, Musk said it’s about the dogs and memes.

Nonetheless, there remains a core of enthusiasts who refuse to accept Dogecoin as a legitimate cryptocurrency. But, considering the meme-ification of finance, is Musk ahead of this crowd?

Memes As Currency
On the meme-ification of finance, Jimmy Chang, the Product Manager at StonkDuel, made the connection between memes and what he calls “a foundation of internet-native communities.” AKA a means to exchange value, or what some may say is a property of currency.

“Whenever it was, somewhere down the line, finance became cool.

Or maybe not cool, but it became a meme. It became funny. It became a foundation of internet-native communities on Reddit, Twitter, and beyond.”

Chang said it was memes that provided the backdrop to the WallStreetBets movement, as they sought to punish the short-selling hedge funds earlier this year.

In amongst this was everyday people investing in GME, AMC, and Dogecoin, who got very rich quickly, which didn’t happen in pre-meme times, at least not to the average retail trader.

“So crypto folk had to turn to other ways of presenting their identity, and they leaned on the “atomic units of culture” and used internet-native icons as their digital face to the world — mainly to Discord and to Twitter.”

What we may have here, in the meme-ification of finance, is a re-imagining of money.

Source: Elon Musk Revealed Why He Likes Dogecoin Over Other Altcoins – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
White House Announces No Imminent Summit Between Trump and Putin
China Presses Netherlands to “properly” Resolve the Nexperia Seizure as Supply Chain Risks Grow
Merz Attacks Migrants, Sparks Uproar, and Refuses to Apologize: “Ask Your Daughters”
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
Wave of Complaints Against Apple Over iPhone 17 Pro’s Scratch Sensitivity
Munich Airport Reopens After Second Drone Shutdown
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
×