Elon Musk has diversified its cryptocurrency. Or at least his crypto-related tweets.
A month and a half after the founder of Tesla and SpaceX called Bitcoin “brilliant,” he praised one of the longest running and notoriously bizarre alternatives in the crypto market.
“Dogecoin could be my favorite cryptocurrency. It’s pretty cool, ”Musk tweeted on Tuesday.
His praise for the meme-inspired gut came in response to an April Fool’s joke poll released the day before by the official Dogecoin account asking who should be the next CEO of the cryptocurrency (an absurd notion as crypto projects are about to be decentralized). Musk won with 54 percent of the vote.
On Tuesday at 18:26 UTC the official Dogecoin account announced: “Looks like you are now the CEO @elonmusk, DM us where you can email the access codes :-D”
Musk returned the favor with several tweets mentioning the cryptocurrency, including one declaring “Dogecoin rulz” – with a Doge meme attached.
“$ 4.20 billion”
Then Jackson Palmer, the creator of Dogecoin – currently the 25th most valuable cryptocurrency by market capitalization according to CoinMarketCap – parodied Musk with this tweet:
“I’m considering selling http: //Dogecoin.com for $ 4.20 billion. Financing (not yet) secured. “
This was indicative of a notorious senior Tesla CEO post that ultimately led to action by the Securities and Exchange Commission.
For those who don’t get it, Musk tweeted last summer that he secured funding to sell his electric car company for $ 420 per share. The statement turned out to be untrue and ultimately cost Musk personally chaired the company and $ 20 million.
Skeptics who followed Musk’s tendency to scour the Internet took note of the price: “420,” a number familiar to pot users. Hence Palmer’s asking price of “$ 4.2 billion”.
It should be noted that Palmer is not involved in this or any other cryptocurrency (although he has confirmed to CoinDesk that he still owns the website).
But Musk, who also founded the Boring Company, came up with the Hyperloop and is a member of the PayPal Mafia, seemed proud of his new affiliation.
On Tuesday, he changed his Twitter bio to “CEO of Dogecoin” (and later updated it again to say he was the “former CEO”). The most recent tweet from the dubious CEO at the time of this writing warns investors:
“Dogecoin value can vary.”
Shiba inu photo via Shutterstock