Elon Musk says Dogecoin is his favorite cryptocurrency

Elon Musk has a new favorite cryptocurrency.

On Tuesday, after being (jokingly) called out as a potential candidate to become the CEO of Dogecoin, the Tesla CEO said that Dogecoin is "his favorite currency."

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Here's the full exchange.

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Started as a joke but with a similar functionality as Bitcoin, Dogecoin has amassed a loyal following which nurtures a peculiar sense of humor, something Musk is known for. In a later tweet, Musk posted a Dogecoin meme, saying the cryptocurrency "rulz" (internet slang for rules, which means that it's great).

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Despite having no major distinctive features from numerous other cryptocoins, Dogecoin remains fairly popular. At one point it reached a market cap of nearly $2 billion, prompting its founder Jackson Palmer (who has long moved on from the world of cryptocurrencies) to declare it -- and the entire crypto market -- a bubble.

Right now, Dogecoin is the 25th largest cryptocurrency by market cap (according to CoinMarketCap), with a valuation of over $374 million. Its price has risen nearly 25% in the last 24 hours alone.

Musk previously expressed an interest in cryptocurrencies, most notably Bitcoin, so the latest Dogecoin endorsement isn't too surprising. Heck, if you think that's odd, you should check his recent rap track about the late Cincinnati Zoo gorilla Harambe.

Disclosure: The author of this text does not own, and has not recently owned, DOGE, and will sadly never go to the moon.

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