He wrote: “Doge has picked up a lot of momentum since his first social engagements, and the digital asset gained more than 3,000 percent since.
“Yet [yesterday], after a lot of concentrated efforts, we saw only a modest pop of around 60 percent before it began retracing the gains.”
During a discussion on social app Clubhouse earlier this week, Elon Musk outlined the reason for his fascination with dogecoin.
The world’s richest man said: “Occasionally I make jokes about dogecoin but they are just meant to be jokes. [But] fate loves irony.
“The most entertaining outcome is often the most likely and arguably the most entertaining outcome.