Elon Musk 'wrong' to think DOGE is the 'currency of the internet'

Dogecoin ‘is pure speculation and will end badly’ says Yusko

Dogecoin has outmatched many established cryptocurrencies, including Bitcoin and Ethereum, in terms of recent growth. Over the last few months, it has increased in value by roughly 4,500 percent, and it is still growing. Much of the furore has come at the behest of Elon Musk, who has led a high-powered campaign to boost the coin's popularity via social media.

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The Tesla CEO's unrelenting backing has helped Dogecoin venture "to the moon".

He has accomplished this mainly via Twitter, with his posts seen by 52.4 million followers.

Professor Carol Alexander, an economist at the University of Sussex Business School, said Mr Musk's intentions have proven tough to corner, but he is wrong to insist Dogecoin has online domination.

She said other currencies have already fulfilled this role.

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READ MORE: Cryptocurrency news: What will be next big crypto?

Dogecoin price DOGE Elon Musk cryptocurrency Ether evgDogecoin price: Elon Musk 'wrong' to think DOGE is the 'currency of the internet' (Image: GETTY)

Dogecoin price: DogecoinDogecoin price: Elon Musk has endlessly backed DOGE via Twitter (Image: GETTY)

Professor Alexander said: "It is difficult to know what Musk is up to with his Dogecoin tweets.

"I suspect he’s having a joke with his friends, flexing his power muscles.

"He appears to get a kick about the control he has over financial markets.

"He is, of course, entitled to do this, I don't see it

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