Self-proclaimed “Dogefather” and Tesla Chief Executive Officer Elon Musk is once again in the mood to promote the 2013 joke cryptocurrency dogecoin, asking the crypto community to chip in some development ideas through software development internet hosting provider GitHub.
In addition, when asked why he prefers the dog-themed digital currency, Musk said, “Doge has dogs & memes, whereas the others do not.”
His response though is perceived by some as insincere.
Nonetheless, experts are wondering if he knows something that most people don’t, continuing to support the idea of memes becoming a form of currency that is slowly gaining traction.
Out of favor with the community
Since turning his back on bitcoin, Musk’s popularity among the crypto community seemed to have faded but that doesn’t mean he is no longer an active participant.
In fact, yesterday, the Tesla top honcho confirmed having a meeting with North American miners hosted by MicroStrategy Chief Executive Officer Michael Saylor where it was resolved that the creation of Bitcoin Mining Council will commence not far from now.
The “Dogefather” is being blamed for the collapse of the crypto market last week that saw many cryptocurrencies nosedive to historic lows. Some claim this was triggered when Musk’s Tesla halted its acceptance of bitcoin as payment for its vehicles.
‘Meme-ification’ of finance
StonkDuel Product Manager Jimmy Chang connected the dots that linked memes and a foundation of internet-native communities – a means to exchange value, which is a property of currency.
Chang said, “Whenever it was, somewhere down the line, finance became cool. Or maybe not cool, but it became a meme. It became funny,” adding it became a foundation of internet native communities on Reddit, Twitter, and beyond.
The product manager also said it was memes that set the background to the WallStreetBets movement seeking to punish the short-selling hedge funds earlier this year.
Image courtesy of Cointelegraph News/YouTube