Elon Musk has been a vocal advocate of Dogecoin and has aided in the growth of the first meme coin. On October 24, he revealed the real reason for his support for a meme-based cryptocurrency in a tweet.
Musk responded to a Dogecoin tweet by millionaire Glauber Contessoto on Twitter. He told a lot of people at his Tesla car firm and SpaceX, the space-based satellite corporation that owns Dogecoin.
He went on to say that Dogecoin feels like a human cryptocurrency because its supporters aren’t financial or Silicon Valley specialists.
Contessoto’s tweet was on a survey that revealed Dogecoin was owned by one-third of all crypto owners in the United States. Musk reaffirmed his support for the meme-based cryptocurrency as a result of this.
Musk’s support for Doge was warmly received by the Doge community. Many Dogecoin owners, according to Contessoto, do not come from qualifying domains and seek financial assistance from professionals in unconnected Silicon Valley.
Musk was hailed for his support of the meme coin. Dogecoin was created in 2013 by Jackson Palmer and Billy Markus as a social media joke and satire.
According to a recent survey conducted by Finder, an Australian cryptocurrency research firm, Sown Dogecoin has more users than any other cryptocurrency. According to research, Dogecoin has the greatest adoption rate in the United States, with 30.6 percent of crypto owners owning the cryptocurrency.