Tesla CEO and SpaceX founder Elon Musk is bullish on Dogecoin. Musk, the world's richest man, calls it "people's crypto."
Musk explained the reasoning behind his support for Dogecoin: “A lot of people I spoke to on Tesla's production lines or building rockets on SpaceX's own Doge. They are not financial experts or Silicon Valley technologists. So I decided to support Doge, it felt like people's crypto. "
Dogecoin is up about 10% in the last 24 hours, according to CoinGecko.
Musk acknowledges that he has invested in three cryptocurrencies, Bitcoin, Ethereum, and Dogecoin.
On Sunday, Elon Musk helped Shiba Inu rise through the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy. Now the meme token is down after you said you don't have any.
Musk responded to a query from a Twitter user asking how much Shiba Inu he had with "None". In a follow-up tweet, he said that he had bought Bitcoin, Ether, and Dogecoin, and "that's it."
At 9:30 a.m. Monday, SHIB, as the crypto is known, was down 15% from its all-time high reached on Sunday Hong Kong time, according to prices from CoinGecko.com. The token, centered around a breed of Japanese hunting dogs, has risen more than 400% in the past 30 days to be the 11th largest by value.
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