Musk has a special affection for Dogecoin, publicly expressing his love multiple times and driving its price up, while also promoting the application and community culture of Dogecoin. Publicly expressing love: Musk has repeatedly stated that Dogecoin is his favorite cryptocurrency. Helping price rise: Musk's tweets have a significant impact on Dogecoin's price, driving an increase of over 12,000%. Promoting applications: Tesla and SpaceX accept Dogecoin for purchasing goods, demonstrating its practical application. Integrating into Twitter: After Musk acquired Twitter, Dogecoin's price rose by about 100%, leading people to speculate that he would integrate Dogecoin into the Twitter platform.
Musk's love for Dogecoin is mainly reflected in the following aspects:
Publicly expressed love multiple times
In April 2019, Musk called Dogecoin his favorite cryptocurrency. In February 2021, he referred to Dogecoin as 'the people's cryptocurrency', and he jokingly said that Dogecoin might become the reserve currency of the future.
Helped Dogecoin's price rise
Musk's tweets have a significant impact on Dogecoin's price. In December 2020, he tweeted just one word, 'Doge', and the price immediately surged by 20%. In 2021, under his leadership, Dogecoin reached an all-time high of $0.738 from the beginning of the year to May, with an increase of over 12,000%. After Trump's victory in November 2024, Dogecoin hit its highest level since June 2021 due to Musk's support for Trump.
Promoting Dogecoin applications
Tesla began accepting Dogecoin for purchasing goods in January 2022, and in January 2024, Musk announced that Dogecoin could be used to buy certain products on Tesla's North American website. SpaceX also started accepting Dogecoin for purchasing goods in May 2022.
Considering integrating it into Twitter
After Musk acquired Twitter, the price of Dogecoin increased by about 100%, leading people to speculate that he would integrate Dogecoin into the Twitter platform. Although Twitter later halted its crypto wallet project, it also reflected the potential for Dogecoin in Twitter applications.
Acknowledging Dogecoin's community culture
Dogecoin has a relaxed, friendly, and slightly teasing community culture, which aligns with Musk's personal style. He believes Dogecoin is the people's cryptocurrency, representing the participation and support of ordinary people in cryptocurrency.
