Why is Elon Musk promoting DogeCoin? Is this cryptocurrency the future?

Tesla CEO and the world's richest man, Elon Musk, shared a tweet that implies his appreciation for DogeCoin.

For those of you who don't know, DogeCoin is a cryptocurrency that started as a joke - as you can see in their logo, it's a tribute to the world-famous Shiba Inu dog meme.

But things have started to get serious about it. And now, Musk himself has made remarks about the cryptocurrency himself.

Yet why is Elon Musk promoting DogeCoin? Is this digital currency in the future?

Elon Musk's take on DogeCoin

Have you seen his latest DogeCoin tweet? I bet you'll remember an iconic scene from The Lion King. Nostalgia at its finest.

He followed up through another tweet, saying, "DogeCoin is the people's crypto."

And he posted another one, saying, "No highs, no lows, only Doge."

It may seem that those are just random words about the internet meme-based crypto, but the impact of Musk's tweets on DogeCoin was just tremendous.

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DogeCoin rises more than 50% thanks to Elon Musk's tweets. But why does he do it?

As CNN Business reported, DogeCoin was trading at around 3 cents before the Tesla CEO'S series of tweets. But after all of those were posted, it went up to 5 cents of trading.

The dog-emblazoned currency saw up to a 50% rise in trading, beating its main rival in crypto Bitcoin. Yet even with the impact they've had, Musk previously mentioned that his tweets were 'meant to be jokes.'

Musk first tweeted about DogeCoin last December, saying "One word: Doge." Again, it seems to be a joke, but this simple tweet gave the meme-logoed crypto a significant 20% rise in value during that period.

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Is this digital currency of the future?

Even if Musk's remarks about crypto are just meant to be some silly internet humour, perhaps he could be serious about this industry.

He was a known critic of Bitcoin, but also mentioned that he should've bought the digital currency eight years ago.

He also added that Bitcoin is a good thing. And even though he is "late to the party," he is now a Bitcoin supporter.

Are we seeing the digital currency of the future? Or are we going to have a digital currency on Mars? Only time will tell...

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