Elon Musk expressed his preference for Dogecoin during a July 22, 2021, appearance on ARK Invest, stating that the most entertaining outcome is often the most likely. Musk suggested that a cryptocurrency that began as a joke becoming a market leader would be the most ironic and amusing result. His public endorsements have previously propelled Dogecoin from a niche internet meme to a central focus in the global crypto market, causing significant attention and price fluctuations.