Here's What Elon Musk Has To Say About Dogecoin's Joke Origins

Tesla Inc TSLA CEO Elon Musk has something to say on the joke origins of the meme cryptocurrency Dogecoin DOGE/USD.

What Happened: DOGE co-creator Billy Markus said on Twitter Monday that he doesn’t understand “why people still have meltdowns about dogecoin’s origin as a joke.”

Markus said, “something can be a joke and still be useful.”

Musk tweeted in response that “the most entertaining outcome is the most likely.”

Why It Matters: Dogecoin was created as a joke by Markus and Jackson Palmer in 2013. 

Even so, the cryptocurrency has seen a phenomenal rise in its price and has attracted the attention of retail investors. In 2021 alone, DOGE rose almost 3000% in value.

Last week, Tesla began accepting Dogecoin on its online store and began displaying pricing of several merchandise items directly in the meme coin.

Musk, a well-known DOGE aficionado, often tweets about the cryptocurrency and has defended DOGE despite its “infinite supply” and touted its transactional capabilities.

Price Action: At press time, DOGE traded 2.8% lower at $0.17 over 24 hours.

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Photo: Courtesy of Heisenberg Media via Wikimedia