Elon Musk, one of the most recognized investors and entrepreneurs in the world, and also the CEO of Tesla has released a tween in which he says that the Dogecoin standard will be inevitable for the global financial system. This is not the first time that Elon Musk supports Dogecoin (DOGE), a cryptocurrency that was born as a meme several years ago.
Elon Musk Believes the Dogecoin Standard is Inevitable
Dogecoin is one of the largest cryptocurrencies in the world and a digital currency that has always been related to jokes and memes in the cryptocurrency space. This time is the CEO of Tesla the one that is promoting the virtual currency. He wrote on Twitter to his more than 36 million followers that the dogecoin standard “is inevitable.”
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
More than 121 thousand individuals have already liked his tweet, while 16 thousand have given a retweet to it. 3,1 thousand users have commented under the tweet.
This is not the first time that Elon Musk talks about Dogecoin and promotes this cryptocurrency among his followers. In the past, he joked saying that he was the CEO of Dogecoin. He changed his Twitter description and he has even written about it on his timeline. Of course, DOGE followers were very excited about it and the digital currency grew at that time.
This is similar to what happened now to DOGE that has experienced one of the largest gains among the top 100 cryptocurrencies. In the last 24 hours, DOGE grew by over 14%. Reaching $0.003409 per coin and a market capitalization of $427 million.
This is the highest price that the cryptocurrency reached in many years. Indeed, the last time that it was at current levels it was in August 2018 when the entire crypto market was yet in a massive bear market that ended with Bitcoin reaching $3,170 per coin at the bottom of this market.
The comments that Elon Musk gave come just after a massive Twitter hack that affected most of the largest accounts in the world, including the one of Elon Musk. The hacker took control of Twitter back-end systems and it was able to send several tweets asking for cryptocurrencies to be deposited in one account he shared. Unfortunately, many users were affected by this hack that resulted in the loss of thousands of dollars to the hackers.