Tesla and Spacex CEO Elon Musk has reiterated his commitment to Dogecoin (DOGE). He confirms that he will continue to buy and support the meme cryptocurrency. Dogecoin’s price surged amid a downturn in the crypto market, according to him.
Elon Musk reiterates his commitment to Dogecoin
Tesla CEO Elon Musk has reiterated his support for meme cryptocurrency Dogecoin multiple times this weekend. On Sunday, Musk tweeted that he would continue to support DOGE. He also stated that he will continue to buy the meme coin.
On Saturday, the Tesla CEO also mentioned DOGE on Twitter in response to a tweet from Dogecoin co-creator Billy Markus expressing his “wish” people would use DOGE “for something beyond pump and dump… well, did.” there is a reason to exist”.
Musk tweeted that Dogecoin can be used to buy goods at his companies Tesla and Spacex, hinting that more could be offered “in the future.”
Tesla started accepting Dogecoin for some goods in January. Last month, Musk said Spacex will soon be accepting DOGE for goods, and Starlink subscriptions may soon follow.
At the time of writing, DOGE is trading at $0.062662, up 25% in the last 24 hours but down 30% in the last 30 days.
Musk has long been a supporter of Dogecoin. He is known as Dogfather in the crypto community. He believes that DOGE is the people’s crypto and has potential as a currency. In contrast, Bitcoin is more suitable as a store of value.
The Tesla boss also previously revealed that he personally owns some DOGE in addition to BTC and ETH.
Last week, a Dogecoin investor sued Musk, Tesla, and Spacex for promoting the meme crypto. The $258 billion class action lawsuit alleges that Musk and his companies “falsely and misleadingly claim that Dogecoin is a legitimate investment when it has no value at all.” The plaintiff alleges that Musk, Tesla, and Spacex are “involved in a crypto pyramid scheme (aka a Ponzi scheme) through the Dogecoin cryptocurrency.”
Musk also hinted last week that if his bid to buy the social media company is successful, cryptocurrency payments will be integrated with Twitter. However, the $444 billion deal is currently on hold, and Musk has accused Twitter of a material breach of their merger agreement.
What do you think of Elon Musk saying he will continue buying and backing Dogecoin? Let us know in the comment section below.
Kevin Helms
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