In these bleak crypto market conditions, Dogecoin finds an unsurprising supporter in none other than the all-too-familiar Elon Musk himself.
After proclaiming on Twitter that he will “continue to support Dogecoin,” the popular cryptocurrency’s price increased by 8% to R0.93 on Monday.
Anything Musk says on Twitter, whether regarding DOGE or anything else, is bound to pique the interest of his almost 99 million Twitter followers. Without a question, his tweet encouraging people to keep buying DOGE is a much-needed shot in the arm for the cryptocurrency market.
Musk’s Dogecoin tweet should help the crypto market
The message was inspired by an exchange with a user who advised Musk to purchase the “joke” coin if he truly supports it. The billionaire said, “I am,” implying that he is buying the dip.
This just shows that Tesla’s CEO, who was faced with a R4.133 billion lawsuit last week for his support of Dogecoin, is sticking with the cryptocurrency and not abandoning it.
Some market experts consider this vote of confidence in the cryptocurrency sector an excellent opportunity to purchase cryptocurrencies while they are still cheap. The 5.8 cents price increase is a far cry from the 72 cents Dogecoin hit in May 2021, when Musk headlined “Saturday Night Live” and mentioned the dog-themed cryptocurrency in his opening monologue.
During one segment of his SNL appearance, Musk was asked about cryptocurrency, to which he replied, “It’s a hustle,” raising eyebrows among crypto fans and the community in general.
The Dogefather’s favorite coin
Musk confirmed last year that he personally owns bitcoin, ethereum, and dogecoin. Google searches for “Dogecoin” increased anytime Musk tweeted about the satirical cryptocurrency in 2020 and 2021.
As the price of BTC and ETH reached new highs in 2021, Musk asked dogecoin developers to enhance the cryptocurrency so that it could “beat bitcoin hands down.”
Musk was titled “The Dogefather” after being voted “Dogecoin CEO” in a mock Twitter poll in 2019. That same year, he stated that the coin “may be my favorite cryptocurrency.”
More lately, Musk (together with Dallas Mavericks owner Mark Cuban) has advocated for DOGE to be used as a payment method, giving the coin an actual function and diminishing its position as a joke.