Tesla Motors, Inc. (NASDAQ: TSLA), Apple Inc. (NASDAQ: AAPL) – Elon Musk’s ‘Fav Cryptocurrency’ Is A Joke But His 2020 Returns Don’t Matter

Tesla Inc. (NASDAQ: TSLA) Bitcoin (BTC) is not CEO Elon Musk’s favorite cryptocurrency but a feme-based cousin, who has Shiba-Inu as his mascot.

Favorite Coin: Dogecoin, declared as a “cryptocurrency joke” by its creator Jackson Palmer is actually Musk’s favorite altcoin. Musk confirmed the fact last year in a tweets.

“Dogecoin may be my favorite cryptocurrency. It’s pretty cool, ”said Musk – after winning a joke survey to become Dogecoin’s CEO. He beat Ethereum (ETH) founder Vitalik Buterin and Litecoin (LTC) creator Charles Lee.

Rock of the Dogs: Musk, who often tweets about a myriad of topics, is free expressed his thoughts on canines and the cryptocurrency that inspired them.

According to Musk, “[Dogs] get the best coin. ”

Doge Sale Only: Musk, whose name is often used by a host of cryptocurrency scammers, joked in July this year “Excuse me, I’m only selling Doge!” in response ia demand for Bitcoin.

Musk’s remarks were made in the same month when a Tik Tok campaign designed to send a spiraling value of cryptocurrency on a meme basis shot DOGE’s price up 50% in a 24-hour period.

Musk may have a legitimate reason not to give away Bitcoin – as he only has 0.25 bitcoins – and disclosure he did this year in response to Harry Potter writer JK Rowling, a professed her ignorance on issues related to the cryptocurrency.

Doge To The Rescue: Musk’s love of Dogecoin stretches back years. In 2018, he asked Palmer for help dealing with “scam spammers.” Palmer then responded and offered to provide Musk with a script that would help with the problem, Cointelegraph reported.

The script aside, scammers still imitate Musk. Last month a hijacked Twitter account pretended to be Musk and replied to a tweet published by Game of Thrones actress Maisie Williams, who had sought Bitcoin investment advice from her followers. The hacked account was trying to lure viewers to a website and probably tricked them.

Doge Vs. Tesla: So how has Musk’s favorite cryptocurrency managed to get into the last month of 2020? Dogecoin (DOGE) has gained 64.51% year-to-date, not bad for a joke. Tesla has shot up 579.87% in the same period, emerging as the top dog among the pair.

For further context, Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) Class A shares are up 36.3% this year and Apple Inc. Shares of (NASDAQ: AAPL) have added 67.6% YTD.

In terms of Bitcoin, that’s up 164.73% on a YTD basis, with the recent rally.

Photo by Dogeloverforever on Wikimedia

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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