SpaceX owner Elon Musk is backing a virtual currency project called Dogecoin that’s based on a popular internet meme and is banking on the project to take its first “literal” steps toward the literal moon. Musk, however, did not provide any details on his involvement during his social media rant late Sunday.
“For those curious about whether I’m quitting my day job at Tesla to work on Doge, the answer is no,” Musk tweeted. “Not to mention ‘Please no!’” The project will see Dogecoin become the first cryptocurrency to be actually used in place of actual money, differentiating it from the increasingly popular Bitcoin and competing with them as well.
Dogecoin, a reference to a popular meme of a Shiba Inu dog, was created in 2013 and the code for it was based on Litecoin, itself another virtual currency that’s an offshoot of Bitcoin.
The Dogecoin project comes almost two months after Reuters reported that U.S. President Donald Trump was considering drastic cuts to the government’s budget. The move, which would include eliminating some programs and laying off a large number of workers, would save $6.8 billion over the next decade.
The White House has previously said the cut is aimed at reducing the national deficit and spurring economic growth, but the move has been met with criticism from both Democrats and Republicans.
And now, with Dogecoin officially being used as actual money, the question remains: will it finally take off as a legitimate currency or will it remain a niche meme-based project? Only time will tell.