Dogecoin holders typically use the tokens to offer one another small suggestions in on-line boards or band collectively to tackle unlikely causes, like sponsoring Jamaica’s two-man bobsled group at the Winter Olympics in 2014.
Speaking on the audio-sharing app Clubhouse final week, Mr. Musk stated his enthusiastic help of Dogecoin — he got here out of a self-imposed Twitter hiatus to tweet about it — was itself a multilayered joke. “Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony,” he stated. “The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.”
Whatever he thinks about Dogecoin, there isn’t any doubting that Mr. Musk is severe about Bitcoin. Tesla on Monday introduced that it had purchased $1.5 billion in Bitcoin and would discover accepting it as fee for its autos.
By midmorning on Monday, Dogecoin was up by 30 %, double the acquire in Bitcoin.