Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s call for his social media following to submit ideas for the development of the meme cryptocurrency Dogecoin (DOGE) has received an overwhelming response on Reddit.
What Happened: The “r/dogecoin” community on Reddit now has 2 million “subshibers,” up from almost 1.4 million subscribers in mid-April. Fans of Dogecoin call themselves “subshibers” on Reddit, as a replacement for the more usual word “subscribers.”
See Also: How to Buy Dogecoin (DOGE)
— Elon Musk (@elonmusk) May 24, 2021
Musk also said on Monday he held talks with Bitcoin (BTC) miners in North America and they have committed to publishing current and renewable energy usage. Musk’s comments indicate he may be rethinking his stance on Bitcoin following Tesla’s announcement about halting payments in the apex cryptocurrency on May 12.
Why It Matters: The cryptocurrency markets have recovered from a dramatic crash over the last few days following Musk’s latest tweets.
Dogecoin is trading 14% higher during the past 24 hours at $0.3593 at press time.
Bitcoin, the largest cryptocurrency by market capitalization, is 9.6% higher over a 24-hour period and is trading at $39,128.45 at press time.
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