Tesla CEO Elon Musk has openly endorsed Dogecoin [DOGE] on several occasions.

Tesla CEO Elon Musk has openly endorsed Dogecoin [DOGE] on several occasions. While DOGE recently made massive gains following a viral TikTok video, Musk's latest tweet has further increased the price of altcoin. 

Elon Musk only sells DOGE

The Altcoins have experienced the greatest surge of the year. The past few weeks have revealed that the alternative season has arrived. Several altcoins registered a significant increase in price. As the crypto community rejoiced that the alternative market was going green, the Twitter hack caused immense chaos across the world.

The infamous Twitter hack targeted accounts of prominent politicians, celebrities, and crypto platforms and influencers. The hacker made sure to send a message via the latest attack, urging followers of these celebrities to send Bitcoin to a certain address. Tesla CEO Elon Musk was also the victim of the recent attack. After recovering his account, Musk returned to Twitter and shared a tweet. Mocking the recent attack, YouTuber, Izzy Nobre asked Musk for some Bitcoin . In response to Nobre's tweet, Tesla's CEO   said  : “Excuse me, I only sell Doge !”

In a related vein, Musk shared a tweet suggesting that Dogecoin [DOGE] would surely take over the global financial system. The tweet said:

Just before Musk's tweet, DOGE was trading at $ 0.0030. Shortly after his tweet, the coin shot up to $ 0.0035. In the past 24 hours, the coin has jumped up to 14%.

Over the past few weeks, the piece has been hailed as one of the best alt season winners. DOGE has seen a large 48.8% increase over the past 14 days. The viral TikTok video that tricked viewers into buying altcoin was also one of the reasons for Dogecoin's price pump .

Why is Elon Musk passionate about Dogecoin?

Elon Musk has repeatedly pointed out that he is a fan of Dogecoin . Last year, Dogecoin concluded that a CEO is needed. The network set up a Twitter poll asking the community to decide on its CEO. Vitalik Buterin from Ethereum , Charlie Lee from Litecoin , Marshall Hayner from Metal Payments as well as Elon Musk.

Elon Musk was a clear winner and he went on to suggest that altcoin was his favorite cryptocurrency. Soon after, Musk was seen endorsing Dogecoin on several occasions. In March, Musk shared a tweet appreciating dogs and dogecoin . The tweet read:

Born out of a meme, Dogecoin has garnered immense traction over the years. While the coin's price has seen a notable increase, Elon Musk's approvals could further benefit altcoin.

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