In a recent Ask Me Anything (AMA) session hosted on Twitter, Binance CEO Changpeng Zhao (CZ) said that Dodgecoin, the largest memcoin, has a “super long lasting power,” adding Musk’s support for the token might have played a big role. CZ also claimed that the token comes with high risk and he had not expected for it to last this long.
CZ Says Musk May Have Extended DOGE’s Life
Changpeng “CZ” Zhao, co-founder and CEO of Binance, said he was surprised to see Dogecoin last for so long, given that most meme coins have a short lifespan. However, Elon Musk’s support for DOGE might have played a big role, CZ said in an AMA session on Twitter.
“One memecoin that really surprised me was actually dogecoin. It has had a super long-lasting power. I thought it would have disappeared a long time ago. But Elon Musk latched onto it and extended its life maybe.”
– Zhao said in the AMA session.
Dogecoin (DOGE) is a cryptocurrency that emerged in 2013 as a lighthearted and fun alternative to Bitcoin. It witnessed a significant surge in popularity due to its active online community and association with the internet meme “Doge.”
DOGE is often cited as the original meme coin. In addition, it is also the largest meme coin by market cap, thanks to widespread support on social media and celebrities, one of them being Elon Musk. Its market cap currently stands at over $10.3 billion, trailed by Shiba Inu (SHIB) and Pepecoin (PEPE), which gained popularity this year following its meteoric price surge.
Musk’s Impact on DOGE and SHIB
Musk, CEO of Twitter and Tesla, first voiced his support for DOGE in 2019 when he tweeted: “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” From then on, Musk shared multiple tweets about DOGE, which he referred to “as “the people’s crypto.” Another time, the billionaire shared a photoshopped image of a Shiba Inu dog, the face of the Dogecoin meme, on a popular magazine cover.
Given that nearly 140 million people on Twitter follow him, Musk’s tweets and public statements about DOGE often caused substantial price movements in the meme coin and attracted attention toward the token. His huge influence and support for DOGE are one of the biggest factors behind DOGE’s popularity.
His influence on price movements can be seen in a recent example. Last month, Twitter, a social media platform that Musk bought last year, recently replaced its iconic bird logo with an image of Shiba Inu. The move caused a price surge of more than 20% in DOGE.
This article originally appeared on The Tokenist
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