Tesla CEO Elon Musk recently suggested in a tweet that he might work on his own cryptocurrency in the future and is currently backing another cryptocurrency called Dogecoin, which recently became the fourth largest cryptocurrency in the world by market capitalization. The tweet comes few days after Musk’s tweet on bitcoin that led to the world’s largest currency plunging as much as 17%.

A few days after the bitcoin tweet, a Twitter user questioned Musk around why can’t Tesla CEO create his own cryptocurrency that can meet all his needs. Musk replied to the tweet stating “only if Doge can’t do it. Big pain in the neck to create another one”. Check it out:

Dogecoin is a cryptocurrency like bitcoin that was created by software engineers Billy Markus and Jackson Palmer, as a joke. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme that went viral back in 2013. It was also called a "meme cryptocurrency".

As far as bitcoin is concerned, Musk had recently tweeted that Tesla would stop accepting the digital token as payment for its electric cars due to environmental reasons. Although Musk had earlier backed bitcoin, he now has high hopes for Dogecoin that consumes 0.12-kilowatt-hours of electricity per transaction as opposed to 707 in the case of bitcoin.