Elon Musk, CEO of Tesla and Spacex, reaffirmed his commitment to dogecoin (DOGE). He confirms that he will continue to buy and support the meme cryptocurrency. In the midst of the crypto market slump, dogecoin’s price rose in response to his remarks.
Elon Musk reaffirms his commitment to Dogecoin
Tesla CEO Elon Musk reaffirmed his support for the meme cryptocurrency dogecoin several times this weekend. On Sunday, Musk tweeted that he would continue to support DOGE. He also suggested he would continue to buy meme coins.
On Saturday, Dogecoin co-creator Billy Markus said he wanted DOGE to be used for “something beyond pump and dump… Then it would have a raison d’etre.”
The Tesla boss also mentioned DOGE on Twitter in response to a tweet in which he said.
Musk tweeted that DOGE coins could be used to purchase Tesla and SpaceX products, hinting that more could be offered “down the road.”
Tesla began accepting dogecoin on some of its products in January. Last month, Musk said Spacex will soon accept DOGE for its products, and Starlink subscriptions could soon follow.
At the time of this writing, DOGE is trading at $0.062662, up 25% over the past 24 hours but down 30% over the past 30 days.
Musk has long been a supporter of dogecoin. He is known in the crypto community as Dogefather. He believes that Doge is a people’s crypto and has potential as a currency. In contrast, he stated that Bitcoin is more suitable as a store of value.
The Tesla chief also previously revealed that he personally owns several DOGEs in addition toBTCandETH.
Last week, dogecoin investors sued Musk, Tesla, and Spacex for promoting the meme crypto; the $258 billion class action lawsuit alleges that Musk and his company “falsely and deceptively claim dogecoin is a legitimate investment when it is completely worthless.” The lawsuit states. Plaintiffs allege that Musk, Tesla, and Spacex are “engaging in a crypto pyramid scheme (aka Ponzi scheme) through the dogecoin cryptocurrency.”
Musk also hinted last week that cryptocurrency payments would be integrated into Twitter if his bid to buy the social media company is successful. However, the $444 billion deal is currently on hold, and Musk has accused Twitter of material violations of the merger agreement.
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