Dogecoin price shoots up following Elon Musk’s tweet

Doge

Dogecoin (DOGE) has surged to a high of $0.06247 today following a tweet by Elon Musk. At the time of writing, the meme coin had slightly pulled back to trade at $0.058 and it was still green.

Dogecoin had found itself at the mercy of the relentless fall in the crypto market over the past few weeks and Elon Musk’s tweet appears to have come in the hour of need. Musk tweeted yesterday that he will continue to support Dogecoin.

Elon’s tweet came a day after a Dogecoin investor sued Elon Musk and his companies SpaceX and Tesla Inc for an astonishing $258 billion in damages for being “engaged in a crypto pyramid scheme” involving Dogecoin.

Although the news of the legal battle did not have an immediate impact on the price of Dogecoin, investors feared that the staunch supporter of DOGE (Elon Musk) might drop out on supporting the coin even after the lawsuit.

However, yesterday’s tweet affirms to many that the billionaire is still a believer in the meme coin.

Elon Musk’s love for Dogecoin

Last year, Elon Musk revealed that he personally owned Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). And in 2020 and 2021, the price of Dogecoin skyrocketed every time Musk tweeted about the coin.

While the prices of ETH and BTC jumped to new all-time highs in 2021, Musk kept on encouraging Dogecoin developers to upgrade the meme-coin so that it could beat the likes of Bitcoin.

In 2019, after being voted ‘CEO of Dogecoin’ in a fake tweet survey, Elon went ahead and claimed he was ‘The Dogefather’.

Recently, Elon Musk’s Tesla Company started accepting Dogecoin as a mode of payment for its merchandise while SpaceX has also announced that it will start accepting the meme coin as payment for its merchandise. There are also speculations that Dogecoin shall be used for rewards on Twitter following Elon Musk’s bid to purchase Twitter.

admin

Read Previous

BTC Taps $20K, ETH Soars 16% Daily and Reclaims $1K (Market Watch)

Read Next

Cardano Founder: Cardano Needs Army to Change World

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon