Elon Musk, the Founder of Tesla and SpaceX, has given Dogecoin a highly positive endorsement. Specifically, Musk declares that “Dogs rock… They have the best coin.”

Dogecoin has rallied 6% after Musk’s endorsement, enough to push its market cap just above USD 300 million.

This is not the first time that Musk has publicly made positive statements about Dogecoin. In the past Musk put in his Twitter bio that he was the CEO of Dogecoin.

It is perhaps surprising that a billionaire would favor Dogecoin over other cryptocurrencies, but for years the Dogecoin community has been well known for fostering an atmosphere of helpfulness and friendliness. Essentially, Dogecoin users often send each other free Dogecoin, especially on the Dogecoin subreddit, inspiring users to be nice to each other and to help each other.

Indeed, Dogecoin could even be considered the most fun cryptocurrency, and that is why it has remained a major cryptocurrency since it launched in 2013.


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