Elon Musk Confirms He’ll Keep Buying and Supporting Dogecoin

20-Jun-2022 By: Rohit Tripathi

Elon Musk Confirms He’ll Keep Buying and Supporting Dogecoin

Elon Musk, the CEO of Tesla and SpaceX, has renewed his support for dogecoin (DOGE). He states that he will continue to acquire and support the meme cryptocurrency. During a crypto market dip, the price of dogecoin increased as a result of his comments.

Several times over the weekend, Tesla CEO Elon Musk repeated his support for the meme cryptocurrency dogecoin. Musk stated on Sunday that he will continue to support DOGE. He also stated that he will continue to purchase meme coins.

On Saturday, Elon Musk referenced DOGE on Twitter in response to a message from Dogecoin co-creator Billy Markus, who expressed his "hope" for people to utilize DOGE for anything other than pump and dump... so it has a purpose.

Musk earlier said on Twitter that dogecoin may be used to buy products at Tesla and SpaceX, implying that more could be added in the future.

In January, Tesla began taking dogecoin for select items. Musk announced this month that SpaceX will soon take DOGE for products and that Starlink subscriptions may follow suit.

At the time of writing, DOGE is trading at $0.059182, up 13.81% in the past 24 hours but down 31% over the last 30 days.

Musk has long been a supporter of the cryptocurrency dogecoin. DOGE, he claims, is the people's cryptocurrency with monetary potential. He feels that Bitcoin, on the other hand, is more suited as a store of value.

In addition to Bitcoin and Ethereum, the Tesla CEO has already said that he owns some DOGE.

Last week, CoinGabbar revealed that a dogecoin investor has filed a lawsuit against Musk, Tesla, and SpaceX for promoting the parody cryptocurrency. Musk and his firms "falsely and fraudulently represent that dogecoin is a genuine investment when it has no value at all," according to the $258 billion class-action complaints. Musk, Tesla, and Spacex are accused of "engaging in a crypto pyramid scheme (or Ponzi scheme) by use of dogecoin cryptocurrency," according to the lawsuit.

Musk also intimated last week that if his attempt to purchase Twitter is successful, bitcoin payments will be integrated into the social media platform. The $444 billion acquisition is presently on hold, and Musk has accused Twitter of breaking their merger agreement in a substantial way.

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