Dogecoin is one of the most beloved parody cryptos in today’s market. As of the publication, cryptocurrency was up 13%. This comes after Tesla CEO Elon Musk reiterated his support of cryptocurrency Tuesday at Doha’s Qatar Economic Forum.
Musk stated at the Qatar Economic Forum that he buys and backs it because people “who are not that wealthy” have requested him to, according to Bloomberg News.
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Musk Shows Dogecoin Some Love
Musk made the following comments during the forum, in an interview with Bloomberg News Editor John Micklethwait
“I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.”
Although the coin started as a joke back in 2013, it has quickly grown to be a significant cryptocurrency, thanks to an engaged community and clever memes.
Dogecoin’s vulnerability to devaluation is that there are no restrictions on how many DOGE units can be created. This is unlike cryptos.
Dogecoin’s price was $0.0003 in 2017 Its price rose to $0.10 by June 1, 2022 from $0.0003. Coingecko data indicates that DOGE trades currently at $0.063348. That’s an increase of more than 14 percent.
Musk stated also that Musk had been asked by his staff to promote the coin. “They urged me to endorse Dogecoin, and I am,” the billionaire explained.
SpaceX founder Musk has expressed support for Dogecoin and other cryptocurrency. Musk stated in October that Bitcoin, Ether and DOGE are his cryptocurrencies.
DOGE's total market cap is $8.5B on the weekend chart. Source: TradingView.com| Source: TradingView.com
Musk Social Media Comments – Move DOGE
Dogecoin frequently varies in response to Musk’s comments on it. It rose 8.5% in 24 hours from its near-record lows on Monday after Musk stated that he would continue to support and purchase the meme token despite a major cryptocurrency sale.
The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live.
Musk recently said that Dogecoin could compete with Bitcoin, and can be used to make payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.”
Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.”
Musk said last week, however, that crypto payments would be integrated into Twitter if he succeeds in his bid to buy Twitter.
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Featured Image from NDTV Gadgets 360 Chart by TradingView.com
