Elon Musk Says He Is “Mainly” Supporting Dogecoin

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Alex Dovb­nya

Elon Musk has shown some love for Doge­coin once again

Tes­la CEO Elon Musk reaf­firmed his sup­port for Doge­coin dur­ing his recent appear­ance on the “Full Send” pod­cast.

“I’m main­ly sup­port­ing Doge, frankly,” the cen­tibil­lion­aire said in response to a ques­tion about cryptocurrencies.

The world’s rich­est per­son has reit­er­at­ed that he sup­ports Doge­coin because it has “meme and dogs.”

Even though Doge­coin was designed as a “ridicu­lous joke cur­ren­cy,” it has real util­i­ty, accord­ing to Musk. He not­ed that the trans­ac­tion capa­bil­i­ty of Doge­coin is high­er than that of Bitcoin.

The fact that Doge­coin is infla­tion­ary is actu­al­ly good because the meme coin can become a viable trans­ac­tion­al cur­ren­cy. Instead of hoard­ing tokens and expect­ing price appre­ci­a­tion, users can actu­al­ly spend them in real life.

 Tes­la, the top e‑car man­u­fac­tur­er, start­ed accept­ing Doge­coin for merch back in Jan­u­ary. SpaceX, the space­craft man­u­fac­tur­er helmed by Musk, fol­lowed suit in May.

Last month, The Bor­ing Com­pa­ny, yet anoth­er com­pa­ny owned by the cen­tibil­lion­aire, added sup­port for Doge­coin payments.

Musk con­tin­ues show­ing love for Doge­coin despite the fact that the meme coin is down more than 90% from its peak, under­per­form­ing every oth­er major cryptocurrency.

In June, the bil­lion­aire tweet­ed that he was buy­ing more Doge­coin short­ly after fac­ing a law­suit for pro­mot­ing the token as an alleged pyra­mid scheme.

At the same time, Tes­la has soured on Bit­coin. After help­ing to fuel the mas­sive ral­ly in ear­ly 2021 with its $1.5 bil­lion pur­chase, Tes­la sold most of its hold­ings in late July. Notably, Bit­coin has been most­ly unaf­fect­ed by the news, with some pro­po­nents even cel­e­brat­ing Musk’s wan­ing rel­e­vance on the market.

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