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‘Dogs and memes’: Elon Musk explains why he backs Dogecoin

·2-min read
Elon Musk poses with a smile and a thumbs up with an image of the Dogecoin 'doge' in the background
Elon Musk has sent Twitter into a frenzy yet again (Source: Getty)

Taking to Twitter the billionaire CEO of Tesla told his followers he backs Dogecoin over other options because it has “dogs and memes”.

The controversial figure in the cryptocurrency world was responding to a follower who asked: “Curious, what are your thoughts on Ethereum 2.0, Cardano, Solana, Polkadot, IOTA and others that are trying to scale with low fees? What makes you choose Doge over them?”

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In response, Musk said the other available cryptocurrencies were lacking the two very important factors.

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Additionally, Musk called on his followers to make suggestions for the further development of Dogecoin.

Linking to the Dogecoin subreddit, Musk said for those looking to make suggestions or help to visit GitHub or the reddit page.

GitHub provides internet hosting for software development and version control using Git.

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But that’s not all, in addition to sending Twitter into a spin by yet again throwing his support behind the digital currency, Musk also seemingly approving of a suggestion that Dogecoin fees should change according to the moon cycle.

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This comes after the crypto community seemingly turned on the Tesla CEO after his appearance on Saturday Night Live where he called cryptocurrency a “hustle”.

He then sent the price of Bitcoin crashing after saying his electric car company, Tesla, would no longer accept Bitcoin as a payment method due to concerns on the impact Bitcoin mining has on the environment.

Musk said he has been in communication with Bitcoin miners and said their moves towards using renewable energy seems “promising”.

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