Elon Musk Voices Support for Dogecoin After Recent Bitcoin Bashing

Just over a month after delivering sceptical remarks on Bitcoin (BTC), SpaceX and Tesla CEO Elon Musk is apparently rooting for major altcoin Dogecoin (DOGE) again.

Already known as a big fan of DOGE, Musk has made yet another endorsement for the cryptocurrency in a March 3 tweet. While the initial tweet isn’t exactly crypto-related but just a shoob meme with caption “Dogs rock,” the subsequent tweet — “They have the best coin — clearly shows Musk was talking about the Dogecoin.

Musk is a known fan of Dogecoin so far

This is not the first time when the Tesla CEO has expressed his positive stance to Dogecoin though. In April 2019, Elon Musk tweeted that DOGE “might be” his favorite cryptocurrency, adding that it’s “pretty cool.”

Musk is also known for his collaborative efforts with Dogecoin creator Jackson Palmer in fighting against cryptocurrency scammers on Twitter. The famous technology entrepreneur has even been elected on Twitter to become the “CEO” of Dogecoin, leaving behind other candidates such as Ethereum (ETH) co-founder Vitalik Buterin and Litecoin (LTC) creator Charlie Lee.

As reported by Cointelegraph, Dogecoin is a blockchain-based peer-to-peer cryptocurrency that was born out of the “doge” meme in honor of a dog of shiba-inu breed. Launched in 2013, DOGE became a widely-used cryptocurrency, with its popularity reportedly far exceeding expectations of its founder Billy Markus.

Once a regular of the top 25 coins list by market capitalization, Dogecoin has slightly edged down to be ranked the 32 biggest cryptocurrency at press time, according to Coin360. The altcoin surged about 2% over the past 24 hours, trading at $0.002 at press time.

Dogecoin 30-day price chart. Source: Coin360

Dogecoin 30-day price chart. Source: Coin360

Famous tech entrepreneur appears to have reversed his positive stance on Bitcoin lately

Apparently one of the most beloved and influential figures in the crypto industry, Elon Musk has been actively discussing not only Dogecoin, but crypto in general. In March 2019, Musk complimented Bitcoin, claiming that its structure is “quite brilliant,” while the coin is “a far better way to transfer value than pieces of paper.”

However, the Tesla chief might have disappointed some Bitcoin believers with his most recent remarks. As reported by Cointelegraph, Musk claimed on Jan. 20 that he is “neither here nor there on Bitcoin,” adding that Bitcoin is not his safe word. Particularly, the entrepreneur purportedly questioned the legal status of Bitcoin, opposing it to cryptocurrency in general by saying “Cryptocurrency is my safe word.”