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Elon Musk Explains Why Dogecoin is His Favorite Cryptocurrency

Elon Musk, the CEO of Tesla, has been known for his support of Dogecoin, a meme cryptocurrency, and its impact on its value. During his appearance at the Wall Street Journal CEO Council Summit in Q2 2023, Musk explained that his love for Dogecoin goes beyond its capabilities in the crypto market and is more related to its humorous nature.

Despite his specific appreciation for Dogecoin, Musk is still an influential figure in the overall cryptocurrency market and has agreed with the notion that by 2030, cryptocurrencies will be backed by GPUs.

There is also speculation that Dogecoin might find a new role within the Twitter ecosystem after Musk announced a new financial system for the social media platform. At the time of writing, Dogecoin is trading at $0.072.

Dogecoin Dogecoin $0.32
-1.28%
Elon Musk Tesla Dogecoin Cryptocurrency
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