Tesla CEO Elon Musk has been frowned upon by the crypto community but it looks like he is trying to redeem himself this week through upbeat tweets including revealing his stance on Dogecoin.

Musk revealed that he prefers Dogecoin over other cryptocurrencies such as Bitcoin, ADA, ETH, Polkadot, and more in a tweet responding to YouTuber Dave Lee. The Tesla CEO noted that he prefers Dogecoin because it has dog memes while the other cryptos do not. Musk’s response might be viewed as trolling but he seems to be genuinely interested in Dogecoin as the people’s cryptocurrency.

Elon Musk calls on Dogecoin’s further development

Elon’s support for the cryptocurrency transcends beyond its meme status. He sees genuine utility in the coin for transactions mainly thanks to its affordable price and a strong community. However, the coin’s history indicates scanty support but Musk is already trying to change that by encouraging further development to tap into the Dogecoin’s potential utility. A Dogecoin developer known as Ross Nicoll revealed during a Decrypt interview that the Tesla CEO has been giving a lot of advice to Dogecoin developers.

Ross noted that Musk has contributed to higher transaction throughput and that his ideas highlight the next obvious steps for the cryptocurrency. However, a lot of development is necessary to get there. One Twitter user suggested that Dogecoin transaction fees should be based on moon phases, which Musk thought was a good idea.

Why Elon thinks that Dogecoin’s meme status is a good thing

It seems unusual that a tech genius and billionaire like Elon Musk would pick a speculative meme coin over other more developed cryptocurrencies like ETH, Cardano, and others. However, his choice might have merit, thanks to its meme status because memes spread really quickly and are a great way to get people interested.

Perhaps Elon believes that Dogecoin has a better chance at gaining mainstream adoption through the meme status than other coins. The call for the coin’s further development to boost the cryptocurrency’s utility indicates that the Tesla CEO is confident in Doge’s future. Dogecoin will likely maintain an upward trajectory if Elon Musk continues to pump more confidence into the market.