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Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s favorite cryptocurrency is not Bitcoin (BTC) but a meme-based cousin, which has a Shiba-Inu as a mascot.
Favorite currency: Dogecoin, which has been declared a “joke cryptocurrency” by its creator Jackson Palmer, is actually Musk’s favorite altcoin. Musk stated the fact last year in a tweet.
“Dogecoin may be my favorite cryptocurrency. It’s pretty cool,” said Musk – after winning a joking poll for being Dogecoin’s CEO. It has beaten the likes of Ethereum (ETH) founder Vitalik Buterin and Litecoin (LTC) creator Charles Lee.
@Elon Musk You can’t refuse! pic.twitter.com/5F0RAncfBo
– Dominik Heats (@dominikheats) April 2, 2019
Dogs Rock: Musk, who often tweets on a myriad of topics, has it freely expressed his thoughts on canines and the cryptocurrency they inspired.
Dogs rock pic.twitter.com/vLJGyZo5Sx
– Elon Musk (@elonmusk) March 3, 2020
According to Musk, “[Dogs] have the best currency. “
Only sell Doge: Musk, whose name is often used by a myriad of cryptocurrency scammers, jokingly said in July of this year “Sorry, I only sell Doge!” in response to aa request for Bitcoin.
Musk’s comments were made in the same month when a Tik Tok campaign designed to send the value of meme-based cryptocurrency managed to raise DOGE’s price by 50% over a 24-hour period.
Musk may have a valid reason not to give away Bitcoin – since he only holds 0.25 bitcoins – a disclosure did this year in response to Harry Potter author JK Rowling, that professed his ignorance of cryptocurrency issues.
Doge To The Rescue: Musk’s love for Dogecoin goes back many years. In 2018, he asked Palmer for help in dealing with “scam spammers”. Palmer then responded and offered to provide a script to Musk to help with the problem, Cointelegraph reported.
Aside from the script, the scammers are still impersonating Musk. Last month, a hijacked Twitter account pretended to be Musk and responded to a tweet posted by Game of Thrones actress Maisie Williams who asked her followers for Bitcoin investment advice. The hacked account was trying to lure viewers to a website and allegedly scam them.
Doge vs. Tesla: So how did Musk’s favorite cryptocurrency fare in the last month of 2020? Dogecoin (DOGE) gained 64.51% year-on-year, not bad for a joke. Tesla grew 579.87% over the same period, emerging as the pair’s first dog.
For further context, Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) Class A shares are up 36.3% this year and the Apple company (NASDAQ: AAPL) shares have added 67.6% year to date.
As for Bitcoin, it rose 164.73% on a YTD basis, with the recent rally.
Photo by Dogeloverforever on Wikimedia
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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