Elon Musk Heaps Praise on Dogecoin

In his latest tweet about cryptocurrencies, Elon Musk has praised Dogecoin. The tweet of Musk on Tuesday mentioned that he found Dogecoin quite cool and it might be his favorite cryptocurrency. The founder of Tesla and SpaceX had praised Bitcoin around a month and a half ago and now showered praise on the Dogecoin.

When it started?

On April 1st, the official account of Dogecoin posted a poll asking the followers who should be the next chief executive officer of the cryptocurrency? Now given the fact that all the crypto related projects are essentially decentralized in nature, asking this kind of question in itself is somewhat absurd. Among all the responses received by the company, Elon Musk won getting around 54% of the total votes.

Dogecoin account then sent a congratulatory message to Elon Musk on his selection as new CEO and asked the email address where they should send him the codes. Musk didn’t hesitate to return the favor and posted many tweets in praise of Dogecoin with one specific tweet with a dog meme.

In response, Jackson Palmer, the founder of Dogecoin which today ranks 25th largest cryptocurrency by market capitalization humorously tweeted that he was considering to sell Dogecoin for $4.20 billion and has been able to secure (not yet) funding. So that you know, this particular tweet was in reference to an infamous incident when the founder of Tesla tweeted that he had secured funding in order to sell Tesla at an estimated amount of $420/share. Later on, the information found to be untrue, and as a result, Musk had to resign from the company’s chairmanship in addition to incurring a loss of $20 million. Many skeptics and Twitter followers quickly took note of $4.20 billion figure quoted by Palmer and compared it with Musk’s announcement of the share price at $420.

Of note is the fact that Palmer is not involved with Dogecoin or for that matter, any cryptocurrency but according to the information available with CoinDesk he owns website of Dogecoin. Elon Musk, on the other hand, seems to have liked his new affiliation as he went on to change his biography on Twitter to “CEO of Dogecoin” before finally returning to the original status of “former CEO.”

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