As new memecoins make waves in the crypto space, billionaire Elon Musk says Dogecoin (DOGE) remains his favorite digital asset.
In a new interview with The Wall Street Journal, Musk explains why he still prefers the original memecoin, which was created as a parody of the leading cryptocurrency Bitcoin (BTC).
“Dogecoin is my favorite type of cryptocurrency because it has the best humor and it has dogs.”
Musk says it will be fun to see an asset that was created as a joke become a global currency. The statement comes amid reports that Twitter will introduce crypto payments to the microblogging platform.
“A friend of mine says that the most ironic explanation is the most likely and that the most ironic outcome for the coin would be that it was done as a joke to make fun of cryptocurrencies. The most ironic result would be for it to become the world currency.”
Musk is one of DOGE’s most influential supporters. In April, Dogecoin’s price rose 30% following his executive decision to change the Twitter blue bird icon to the DOGE logo.
The billionaire is already facing a $258 billion lawsuit brought by a group of investors accusing him of illegally promoting and increasing the price of Dogecoin. Musk’s lawyers argue that his statements about the token were too vague and silly to be considered true endorsement of the digital asset.
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