Tesla CEO Elon Musk continues to support Dogecoin (DOGE). Elon Musk, CEO of US-based electric car company Tesla, continued his comments about the meme coin. It reiterated support for the meme-based cryptocurrency Dogecoin (DOGE). Here are the details…
Elon Musk continues to support Dogecoin
In a recent interview, Musk defended DOGE over paying for Dogecoin. He said that DOGE is better than Bitcoin (BTC) in this regard because “Dogecoin has a much higher total transaction capacity than Bitcoin.” Despite the fact that DOGE was launched as a joke cryptocurrency in 2013, Musk noted that the token has a lot of potential, especially when used for payments.
"I'm mainly supporting Doge, as Doge has memes and dogs. The actual total transaction capability of Dogecoin is much higher than Bitcoin " – @elonmusk pic.twitter.com/yyorXaEB7g
— DogeDesigner (@cb_doge) August 5, 2022
Musk backs up the word about DOGE’s payment capabilities. Musk has added support for Dogecoin at his businesses, including Tesla and SpaceX. As we have also reported as Kriptokoin.com, DOGE can be used to purchase Tesla and SpaceX’s products. Musk’s ultimate goal is to see Dogecoin used as “the currency of the internet.”
Earlier this year, Robinhood Markets co-founder Vladimir Tenev shared insights on how Dogecoin could become the currency of the internet. The tips Tenev shared caught the attention of Dogecoin co-creator Billy Marcus. However, it got a reaction from Musk.
DOGE price gains momentum
Meanwhile, the price of Dogecoin has risen by 3.8 percent in the last 24 hours. DOGE, the eleventh largest cryptocurrency with a market cap of $9.1 billion, is currently changing hands at $0.069. Dogecoin had a remarkable rally in 2021. It was even one of the leading cryptocurrencies in terms of rallies in 2021. Before Elon Musk started his legendary “shilling” spree, the value of the cryptocurrency was uncertain.
Then, with the support of Musk, one of the richest men in the world, the price of Dogecoin rose as high as $0.7. However, the meme coin has since lost much of that value. But investors are hoping for another upswing. Dogecoin’s path last year ended with a downtrend. At this point, the cryptocurrency has lost more than 80 percent of its all-time high.
However, if we look at where Dogecoin comes from, the landscape changes a bit. This shows that the digital asset can often have a “mind” of its own. Its incredible rally in 2021 made it one of the top 10 cryptocurrencies. Even after falling so far, it has managed to retain this title. On the other hand, another bull rally is expected with the next Bitcoin halving. Meanwhile, Elon Musk refuses to withdraw support for the meme coin. It takes a strong stance in the crypto community.
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