The businessman noted that he considers altcoin to be a "people's cryptocurrency", since many Tesla and SpaceX employees own it.
Tesla and SpaceX CEO Elon Musk tweeted that he supports Dogecoin as he considers it to be "the people's cryptocurrency." The businessman noted that before supporting the "meme" cryptocurrency, he talked with Tesla and SpaceX workers, many of them turned out to be Dogecoin holders.
“These people are not financial experts or Silicon Valley technologists. That is why I decided to support Dogecoin – it looks like a popular cryptocurrency, ”Musk said.
Also, the head of Tesla and SpaceX denied information that is related to the development of Dogecoin. Musk said that none of his associates, including Jared Birchall, are part of the Dogecoin Foundation, which supports and develops altcoin. In August, the organization announced a revival, and also announced that its advisers included Musk's spokesman Jared Birchall and Ethereum co-founder Vitalik Buterin.
On October 24, Musk revealed that he owns Dogecoin, Ethereum and Bitcoin. The entrepreneur explained that he acquired the cryptocurrency out of curiosity, and also stated that he was not the owner of Shiba Inu tokens. After Musk's tweet, the Shiba Inu price plummeted by 27%.
In May, the businessman already explained why he likes Dogecoin. According to Musk, altcoin "has memes and dogs, but other projects do not."