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article imageElon Musk 'elected' chief executive officer of Dogecoin altcoin

By Ken Hanly     Apr 3, 2019 in Technology
A month and a half ago Tesla CEO and founder of SpaceX called the number one cryptocurrency bitcoin brilliant but now he has lauded another coin Dogecoin.
Musk tweeted yesterday: "Dogecoin might be my fav cryptocurrency. Its pretty cool."
Musk wins election at Dogecoin
On April Fool's Dogecoin decided to have a poll on Twitter tweeting: "We have listened to your concerns. We have decided that Dogecoin does need a CEO. Someone who can lead us into the future while maintaining the core values of what we are." There were four people to choose from. Musk one by 54 percent of the vote. On Tuesday, Dogecoin's account announced and posted: “Looks like you’re the CEO now @elonmusk, DM us where to email the access codes :-D”
Musk responded with several tweets mentioning the coin, including one "Dogecoin rulz".
Dogecoin founder Jackson Palmer, who created Dogecoin, which in spite of starting as a joke is now the 25th most valuable cryptocoin by market value, parodied Musk in a tweet: “Am considering selling for $4.20B. Funding (not yet) secured.”
That was a reference to an infamous older post from the Tesla CEO that ultimately led to a Securities and Exchange Commission(SEC) action against Musk. Musk had tweeted that he had secured funding to sell Tesla at $420 per share. However, he had not and it cost Musk the chair of the company plus $20 million. The $4.20 billion is an oblique reference to 420 a code number familiar to pot users
Musk reacts
On Tuesday, Musk changed his Twitter bio to "CEO of Dogecoin". However, he later updated it to former CEO.
Musk's latest tweet warns investors that Dogecoin value may vary. As of writing this Dogecoin was actually up over 25 percent on the day, so all the April Fool's action seems to have helped it. The value of a single coin is at present $0.0035. There are a huge number of coins available with no limit on the number that can be produced by mining hence Dogecoin's value is unlikely to be ever very large. Unlike bitcoin which is worth around $5,000 each now, you can own quite a few Dogecoins for a few dollars!
Wikipedia describes Dogecoin as follows: " Dogecoin (/ˈdoʊʒkɔɪn/ DOHZH-koyn[1], code: DOGE, symbol: Ð and D) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo.[2][3][4] Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.[5]Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content.[6] Dogecoin is referred to as an altcoin.[7]" Dogecoin has been involved in several fund-raising projects.
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