While this may seem random, Dogecoin is actually Musk’s favourite digital coin and he has frequently talked it up at engagements such as when he made an appearance on NBC’s Saturday Night Live.
Dogecoin itself was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes reference from the Japanese Shiba Inu dog which is the star of the Doge meme.
It was made intentionally abundant and has no maximum supply, unlike Bitcoin which was designed to be scarce and resistant to inflation.
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Musk’s tweet triggered a surge in interest from amateur investors which drove the price higher.
Dogecoin, which has soared 5,859 per cent in this year alone, skyrocketed to US$0.20 after the tweet, according to Coinbase.
Musk however did not specify what merchandise would be available to purchase with Dogecoin.
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