Elon Musk, who’s still running his victory lap after his electric car company Tesla proved its detractors wrong, has once again gone out to bat for his “fav” bitcoin alternative—sending its price sharply higher.
Musk, the chief executive of both Tesla and aerospace manufacturer SpaceX, yesterday tweeted his support of minor bitcoin rival dogecoin, saying “dogs rock” and “they have the best coin.”
Musk’s tongue-in-cheek comments, which sent the dogecoin price up by around 5% yesterday, come after a thumping 12-months for dogecoin, one of the oldest alternatives to bitcoin.
The dogecoin price is up around 30% on this time last year, with the price of dogecoin being significantly boosted by Binance, the world’s biggest bitcoin and cryptocurrency exchange, last July, when it added dogecoin to its list of supported digital tokens.
In April last year, Musk surprised bitcoin and cryptocurrency watchers by saying that the meme-based dogecoin is his “fav” cryptocurrency in response to a Twitter poll that found him to be the favorite to take on the mantle of dogecoin CEO, with 49% of the vote.
However, Musk has recently rowed back his previous bitcoin praise, telling the Tesla-focused podcast Third Row in January he is “neither here nor there on bitcoin,” raising concerns about its use for illegal transactions.
Dogecoin has found other high-profile supporters as well as Musk. Last year, John McAfee, the millionaire creator of McAfee security software-turned U.S. presidential hopeful and globe-trotting adventurer, praised dogecoin as “one of the fastest growing coins based on use.”
“Doge started life as joke/prank coin,” McAfee said via Twitter. “The coin now has a market cap of $360 million. The crypto market is, in no way, related to the stock market. Inherent value is, ultimately, based on usage. Go figure.”
Dogecoin, surprisingly one of the oldest bitcoin rivals, was created in 2013 by a then 26-year-old Australian Jackson Palmer and American programmer Billy Markus after joking about it on Twitter.