Elon Musk is back at it again. This time around, he’s back to his old habits of pushing Dogecoin, calling it “the people’s coin” in a recent tweet and pledging enough support for the asset that it has risen by about 75 percent in the last 24 hours alone.
Elon Musk Calls Dogecoin the “People’s Coin”
Musk is one of the most confusing figures in the cryptocurrency arena. As the CEO of both Tesla and SpaceX, no doubt the South African entrepreneur has a good handle on technology, but he seems to go back and forth on crypto quite a bit, which has raised a few eyebrows from both his competitors and fans alike.
For example, just last week Musk was caught on Twitter touting bitcoin, saying that he was a huge fan and that he was “late to the party.” However, he was quick to mention that he thought it was a “good thing” and that it was on the verge of obtaining “widespread acceptance.” Musk even went so far as to add #bitcoin to his Twitter bio, which ultimately caused the asset to spike from around $32,000 to just over $34,000 shortly after.
But this is just one of a few times in which Musk has been kind to the world’s number one digital currency by market cap. In the past, he’s been quite critical of the currency, commenting that it was as “bs as fiat.” He has now removed the bitcoin hashtag from his Twitter account and is back to promoting Dogecoin, a joke currency he was once slated to lead as the new CEO. Clearly, Musk’s loyalty to bitcoin didn’t last long.
His latest social media message that’s got everyone talking and Dogecoin jumping like it never has before reads as follows:
No highs, no lows, only Doge.
He further stated that while he often jokes and takes jabs at Dogecoin, there is nothing but respect in the long run, writing:
Occasionally, I make jokes about Dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony… The most entertaining outcome would be that Dogecoin becomes the currency of Earth in the future.
Watching His Words
In the long run, Musk is being careful about what he states regarding the status of Doge or any other cryptocurrency for that matter. He acknowledged that his words have a huge impact on where certain assets move in the future, explaining:
I have to be careful with what I say.
His verbiage has landed him in tough positions before. In 2019, for example, he got the stink eye from the Securities and Exchange Commission (SEC) after issuing a tweet that discussed both Tesla’s production numbers and financial balances, something he wasn’t permitted to do without the agency’s say so.