Musk was replying to a post linking to a news story that claimed the dogecoin adoption rate in the U.S.
The dogecoin price has exploded this year, rising almost 10,000% since October 2020 and propelling the memecoin into the crypto top ten—helped by Musk’s outlandish Twitter persona.
Meanwhile, other meme-based cryptocurrencies looking to capitalize on dogecoin’s success have also soared, with the doge-based coin shiba inu surging by 400% over the last month.
I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself.