#Doge The source does not contain information about why Elon Musk chose Doge. However, it is mentioned that in early February, after Musk’s tweet with one word “doge”, the Dogecoin price jumped by almost 50%. So he supported the flash mob of Reddit users who tried to raise the cost of the token to $1.

Musk himself admitted that he did it for fun, and also said that he bought dogecoins for his son so that he could be a “baby investor.”

Musk later said that the high concentration of dogecoin among a limited number of users creates the basis for possible manipulations with its rate. After such a statement, the Dogecoin rate fell sharply.$DOGE