Why is Elon Musk Backing Dogecoin?

Photo by Kanchanara on Unsplash

What is his reasoning?

If there’s someone we can blame for the rise in meme coins, it’s Elon Musk. The soon-to-be trillionaire first tweeted about Dogecoin back in February 2021, causing the coin to rally by 800%. The rest, as they say, is history. In the months following his initial tweet, the Tesla CEO has made many more tweets about cryptocurrency, but Dogecoin – a relatively obscure cryptocurrency – has featured heavily on his timeline.

Why would Elon Musk back a meme coin? 

Yes, some may blame it on a mid-life crisis or having too much money and free time. However, there seems to be a far more sinister reason Musk is backing Dogecoin – and that’s a vested interest.

Many believe the billionaire, who has been selling his Tesla stocks, was either paid to promote Dogecoin or purchased coins before his first infamous tweet, knowing that if the cryptocurrency’s value sky-rocketed he would benefit.

The latter explanation wouldn’t be surprising. Dogecoin has increased nearly 6,000% since Musk’s initial tweet. And since we know that he had plans to sell his stocks before the Twitter poll where he asked followers if he should sell, it’s apparent that Musk doesn’t want to miss out on the next big thing that could help him generate a few extra billions.

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