Elon Musk explains how memes helped drive Dogecoin craze

Elon Musk Doge CoinElon Musk

Tesla and SpaceX CEO Elon Musk, took to the new drop-in voice streaming site Clubhouse to discuss a ton of topics, including what he thinks of all the Dogecoin hype going on at the moment.

 If you’ve been on Twitter before or pay attention to business news at all chances are you’ve heard of Elon Musk. The South African entrepreneur is one of the richest men in the world, is hailed by some for his innovative thinking, and has developed a fan base that may rival KPOP stans for their fierce loyalty.

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On Jan. 31, Musk dropped into a chat on the new, invite-only audio streaming site Clubhouse to talk for more than an hour about a variety of topics, including the current Dogecoin hype, and how it seems to be entirely fueled by memes.

Elon Musk/Twitter
Musk apparently caused the price of the Bitcoin (BTC) cryptocurrency to spike last week simply by putting the hashtag in his profile.

After touching on his regrets about not buying into Bitcoin when it was cheaper back in 2013, the topic of the latest hot crypto called Dogecoin came up.

Doge was initially created as a joke back in 2013, as Elon noted, but it started trending during the whole Gamestop short-selling saga that dominated headlines last week as another potential way for savvy investors to make a quick turnaround.

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While Musk said he’s optimistic about cryptocurrencies as a way to change the financial system, he added that Doge will probably only go as far as the memes take it.

“I’ve got to watch what I say here, because these things can really move the market. Occasionally I’ll make jokes/memes about Dogecoin, but they’re just jokes, Dogecoin was literally created as a joke,” he said, before explaining later on that memes and social media were the driving force behind the popularity, and Doge’s would only last as long as they kept going.

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Dogecoin discussion starts at 1:04:00 in video below.

This was an hour-plus-long stream though, and crypto was just the tip of the iceberg for the different topics Musk discussed during the show, including Tesla, SpaceX, Mars, plenty of thoughts on meme culture, and more.

Whether or not Doge will “go to the moon” or continue to hover around a couple of cents remains to be seen, but the Tesla founder did add that the most entertaining and ironic outcome for the meme coin would be for “Dogecoin to become the currency of Earth in the future.”

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Ridiculous as it sounds, the thought of everyone paying for everything in Shiba-Inu covered money is definitely entertaining to think about.

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