Tesla and SpaceX CEO Elon Musk has once again publicly reaffirmed that Dogecoin (DOGE) “has potential as a currency.” The statement comes amid a broad sell-off across the cryptocurrency market, highlighting Musk's continued bullish stance on the meme-inspired digital asset.
Musk's tweet responded to a comment from Dogecoin co-creator Billy Markus, who said he likes the meme cryptocurrency “because it knows it is stupid.” Musk then emphasized that Dogecoin is “the people's crypto,” and reiterated his earlier view that DOGE is the best crypto for transactions, while Bitcoin is better suited as a store of value.
Dogecoin: From Joke to Payment Utility
Known as the “Dogefather” in the crypto community, Musk has been a long-time supporter of Dogecoin since at least April 2019, when he tweeted “Dogecoin might be my fav cryptocurrency.” He has also revealed that he personally holds DOGE, Bitcoin, and Ethereum. The latest affirmation reinforces his conviction that the token can serve as a viable medium of exchange.
Market data suggests that despite the broader crypto downturn, Musk's comment provided a temporary boost to Dogecoin's price. Analysts believe that if Musk integrates DOGE into his business ventures—such as Tesla payments or Twitter services—the token could gain significantly more real-world utility.
Twitter Acquisition Paused Amid Spam Account Dispute
On the same day, Musk announced that his $44 billion takeover of Twitter has been temporarily put on hold. In a tweet, he stated: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” He added that he remains “still committed to the acquisition.”
Musk has previously called cryptocurrency spam bots the “single most annoying problem on Twitter.” Mark Cuban, investor and owner of the Dallas Mavericks, suggested using Dogecoin as a solution. Musk replied, “not a bad idea,” and also hinted that DOGE could be accepted for Twitter Blue subscription services.
The pause has sparked speculation about the deal's ultimate fate. Some industry observers view the spam account issue as a potential pretext for Musk to renegotiate the price, while others believe it could lead to abandonment. Nonetheless, Musk’s continued endorsement of Dogecoin and the prospect of DOGE integration into Twitter provide a fresh narrative for the token's future.