Elon Musk, Spacex CEO and Tesla founder has reiterated his support for dogecoin (DOGE). Elon Musk confirms his commitment to dogecoin (DOGE) and says he will continue buying the cryptocurrency. In the midst of a cryptocurrency market decline, dogecoin’s price rose after his comments.
Elon Musk Reaffirms His Commitment To Dogecoin
Elon Musk, Tesla CEO, reaffirmed his support of the meme cryptocurrency dogecoin several times this weekend. Musk stated that he would continue to support DOGE on Sunday. Musk indicated that he plans to continue buying the meme coins.
On Saturday, the Tesla boss also mentioned DOGE on Twitter in response to a tweet by Dogecoin co-creator Billy Markus stating his “desire” for people to use DOGE “for something beyond pump and dump … so it has a reason to exist.”
Musk tweeted that dogecoin can be used to purchase merchandise at his companies, Tesla and Spacex, hinting that more could be offered “down the road.”
Tesla accepted dogecoin in January for some merchandise. Musk announced last month that Spacex would soon accept DOGE to purchase merchandise, and Starlink subscriptions may soon follow.
DOGE trades at $0.062662 as of the writing. This is up 25% over the 24 hours and down 30% over 30 days.
Musk supports dogecoin since its inception. The Dogefather is his name in crypto. He believes that DOGE is the people’s crypto and has potential as a currency. He said that bitcoin, on the other hand, is better suited to be a store-of-value.
Tesla’s chief executive also revealed previously that he owns DOGE, in addition to BTC or ETH.
Musk, Spacex, and Tesla were sued last week by a dogecoin-investor for their promotion of the meme cryptocurrency. The $258 billion class-action lawsuit alleges that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.” The plaintiff claims that Musk, Tesla, and Spacex “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.”
Musk suggested last week that crypto payments could be integrated into Twitter, if his bid for the purchase of the social media platform is approved. The 444 billion deal has been put on hold and Musk accused Twitter of materially violating their merger agreement.
You think Elon Musk is saying that he will buy and support dogecoin. Please comment below.
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