$DOGE $ETH $BTC #shiba⚡

What is Elon Musk's favorite cryptocurrency and how does it work?

The digital currency reached its highest value since October 2021, marking an 86% increase in the last seven days and rising 152% in the last month.

In July 2021, during a conference, Elon Musk surprised the audience by publicly declaring that he owns several cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. However, in his interviews and social media posts, the CEO of Tesla and SpaceX has expressed his preference for Dogecoin (DOGE), a cryptocurrency initially conceived as a joke but which, under his influence, has gained a prominent profile in the financial world. Musk claims that this preference is based on his interaction with the developers of Dogecoin and the support of his own employees, who also use it, even describing it as “the people's cryptocurrency.”

Dogecoin was created in 2013 as a joke cryptocurrency, inspired by the popular Shiba Inu dog meme. According to Fortune, from a modest start of USD 0.0047, Dogecoin began to capture the attention of investors and curious onlookers due to its increasing mention on social media and search engines. A determining factor in this rise was the backing of public figures, including the CEO of Tesla and SpaceX.

Now, in the last 24 hours, DOGE has risen more than 23% and reached its highest value since October 2021, marking an 86% increase in the last seven days and rising 152% in the last month.

Approval of Dogecoin at Tesla and SpaceX

According to Fortune, Musk's affinity for Dogecoin is primarily reflected in his companies: at Tesla, the option to use Dogecoin to purchase specific products, such as the Cyberquad for kids, the Giga Texas Belt Buckle, and the Cyberwhistle, was implemented. This measure, although limited, underscores Musk's support for Dogecoin and his efforts to integrate this cryptocurrency into the real market.