Tesla and Spacex CEO Elon Musk has reiterated his commitment to Dogecoin (DOGE). He confirmed that he will continue to buy and support meme cryptocurrencies. The price of Dogecoin climbed following his statement amid a slump in the cryptocurrency market.
Elon Musk Reiterates Commitment to Dogecoin
Tesla CEO Elon Musk reiterated his support for the meme cryptocurrency Dogecoin several times this weekend. On Sunday, Musk tweeted that he would continue to support DOGE. He also said that he will continue to buy meme coins.
The Tesla boss also mentioned DOGE on Twitter on Saturday, in response to a tweet from Dogecoin co-founder Billy Markus, saying he “wants” people to use DOGE for “transcendence” Pumping and dumping stuff…so it has a raison d’être.”
Musk tweeted that Dogecoin could be used to buy goods at his Tesla and Spacex companies, hinting that “the future” may offer more.
Tesla started accepting Dogecoin for some goods in January. Last month, Musk said Spacex would soon accept DOGE merchandise, and Starlink subscriptions could soon follow.
At the time of writing, DOGE is trading at $0.062662, up 25% in the past 24 hours but down 30% in the past 30 days.
Musk has long been a supporter of Dogecoin. He is known as the godfather in the crypto community. He believes that DOGE is the people’s cryptocurrency and has potential as a currency. By contrast, he said Bitcoin is better suited as a store of value.
The head of Tesla also previously revealed that in addition to BTC and ETH, he personally owns some DOGE.
Last week, a Dogecoin investor sued Musk, Tesla and Spacex for promoting the meme cryptocurrency. The $258 billion class-action lawsuit accuses Musk and his company of “falsely and deceptively claiming that Dogecoin is a legitimate investment that has no value at all.” The plaintiffs claim that Musk, Tesla and Spacex “Participated 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 takeover of the social media company goes through. However, the $444 billion deal is currently on hold, with Musk accusing Twitter of gross violations of their merger agreement.
What do you think of Elon Musk saying he will continue to buy and support Dogecoin? Let us know in the comments section below.
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