Elon Musk’s Support For Dogecoin.
Elon Musk, the billionaire entrepreneur, is a well-known cryptocurrency enthusiast who has frequently declared his support for cryptocurrencies on social media. He has, however, recently focused his efforts on supporting one specific coin, Dogecoin. The SpaceX and Tesla CEO recently reaffirmed his support for the joke coin, stating he would be glad to eat a McDonald's meal on television if the fast-food business accepted Dogecoin payments.
Dogecoin was founded in 2013 by software developers Billy Markus and Jackson Palmer as a speedier alternative to Bitcoin. It began as a spoof on the several fraudulent cryptocurrency currencies that had sprouted up at the time, and it draws its name and emblem from a Shiba Inu meme that went viral several years ago.
Tesla has also revealed that Dogecoin may now be used to purchase Tesla products.
The decision, which increased Dogecoin prices by 14 percent, comes a month after Musk said that Tesla would test the digital currency as a payment alternative. Musk, a prominent proponent of cryptocurrencies, has had a significant impact on the values of Dogecoin and bitcoin, and at one time stated that the firm would accept bitcoin for the purchase of its automobiles before abandoning the notion.