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Business News/ Markets / Cryptocurrency/  Elon Musk feels this cryptocurrency is ‘people’s crypto', explains his reasoning
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Elon Musk feels this cryptocurrency is ‘people’s crypto', explains his reasoning

On Sunday, Elon Musk helped Shiba Inu vault up the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy

Tesla CEO Elon Musk. (AFP)Premium
Tesla CEO Elon Musk. (AFP)

Tesla CEO and SpaceX founder Elon Musk is bullish on Dogecoin. Musk, world's most wealthiest man, calls it "people's crypto." 

Musk explained the reasoning behind his support for Dogecoin: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto."

Dogecoin has climbed about 10% in the past 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 vault up the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy. Now the meme token is down after he said he doesn’t own any.

Musk responded to a query from a Twitter user asking how much Shiba Inu he holds with, “None." In a follow-up tweet, he said he has bought Bitcoin, Ether and Dogecoin, and “that’s it."

As of 9:30 a.m. on Monday, SHIB, as the crypto is known, was down 15% from its all-time high reached on Sunday Hong Kong time, according to pricing 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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Published: 25 Oct 2021, 10:29 AM IST
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