Tesla CEO Elon Musk reiterated his support for Dogecoin on Twitter amid the sharp price drop in the market. The anticipated boost for DOGE was driven by the billionaire’s confirmation that he’s buying more DOGE.
Elon Musk is getting more Dogecoins
After Elon Musk’s statements, the Dogecoin price rose over 13% on Binance. DOGE quickly hit the daily high of $0.05877. The Tesla CEO took the crypto spotlight with the following Dogecoin tweet after praising his fans on Father’s Day.
Offering huge profits to its initial investors, Dogecoin is among the worst performing altcoin projects. It has already lost 92.33% from its record price of $0.73. However, despite this, Musk continues to support the meme coin. Recently, Tesla announced that SpaceX would then accept payments with DOGE. This tweet triggered a double-digit rise in Dogecoin price.
Billionaire continues to support Dogecoin with his companies
Earlier this year, Tesla announced that it will accept payments in Dogecoin (DOGE) on some products. Shortly after, Musk announced that SpaceX could also accept payments with DOGE. It seems that Musk’s support will not end here. The richest person in the world also reported on Saturday that his companies will increase the use cases of Dogecoin. Meanwhile, Dogecoin is still the tenth largest cryptocurrency by market cap, despite losing most of its value.
All of Elon Musk’s Dogecoin tweets
Musk first started tweeting about Dogecoin when The Boring Company, which he founded, launched his flamethrower in January 2018:
From February 2018 to at least February 2019, Musk made it clear via Twitter that he owned no cryptocurrencies other than 0.25 BTC, which a friend sent him. However, everything changed in the cryptocurrency market with Musk’s announcement in April of that year. He then continued to maintain his support for Dogecoin for years.
Another tweet by Elon Musk: “Dogecoin is the people’s cryptocurrency”. There is general consensus that this tweet helped push Dogecoin to ATH in January 2021. Also, when Musk attended the “Saturday Night Live” show in May 2021, Dogecoin peaked at $0.73.
Finally, one of Musk’s most important tweets was about Twitter. As Elon Musk got serious about buying Twitter, the price of Dogecoin gained about 14%. Musk, who bought a 9.2% stake in Twitter earlier this month, proposed changes to Twitter’s subscription service Twitter Blue, saying in a series of tweets on April 9 that it could include Dogecoin as a payment option for the service.
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