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
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
×