Elon Musk is known for many things. His Bruce Wayne-like wealth and eccentric persona. His penchant for giving children unpronounceable names. His obsession with Mars colonization. His seemingly knee-jerk purchase of Twitter and constant trolling thereon.
But few things say, “Elon Musk” as much as Dogecoin, the meme cryptocurrency that took the world by storm two years ago.
He’s famously called it the “people’s cryptocurrency”. And his enthusiasm for the meme coin has led to sharp spikes in its value several times over the past few years.
What is Dogecoin?
Originally, Dogecoin was created as nothing more than a joke. But Musk and fellow billionaire Mark Cuban have both expressed support for it. Musk has even noted the fact that its total transactional throughput capability is higher than Bitcoin’s. And he’s even allowed Tesla customers to use Dogecoin to make purchases.
Read also: Meet the Best Meme Coins That Could Explode in 2023!
Musk, Super Bowl LVII & Dogecoin
Since his acquisition of Twitter last year, Musk has had little to say about Dogecoin. That is, until Super Bowl LVII where he was seen wearing a Doge shirt while chatting with media mogul, Rupert Murdoch. Twitter lit up at the scene with Musk fans and haters throwing out opinions.
Genevieve Roch-Decter, CEO of Grit Capital, tweeted an image of Musk and Murdoch with the caption, “Elon Musk is sitting next to Fox News owner Rupert Murdoch at the SuperBowl. What are they talking about? Wrong answers only.”
Musk quickly replied with a single word: “Dogecoin.”
The Future of Musk & Dogecoin
Whether it was true or not, Musk’s response was enough to send the coin’s price surging over the next four hours. Unfortunately for Dogecoin enthusiasts, the rally didn’t last long. Only four hours into it, the price hit resistance at $0.0862 and couldn’t break through.
While Musk has been a long term, vocal supporter of Dogecoin, he’s failed to implement its use on his biggest platform: Twitter. This has left many people wondering whether his support is nothing more than lip service. Adding Dogecoin support to Twitter would significantly raise its profile and dramatically increase the amount of transactions with it.
However, there are questions concerning the legality of such a move. Some experts think it could lead to trouble with the SEC if Musk made such a move, especially with his history of influencing the price of Dogecoin. XRP support attorney John Deaton recently tweeted that he doesn’t believe the SEC should go after him, but that he has seen the SEC act maliciously in the past. As a result, he doesn’t rule out the possibility.
That small possibility may be enough to keep Musk from bringing Dogecoin to Twitter. But if there’s one thing the world has learned about Elon Musk over the past few years it’s that with him, you can’t rule anything out.
