news hardware Despite Bitcoin’s demise, Elon Musk continues to support Dogecoin
There is a real romance between Elon Musk and Dogecoin… In fact, despite the fall in cryptocurrency prices, the CEO of Tesla continues to believe in his favorite cryptocurrency: Dogecoin.
What is Dogecoin
To understand (or not) why Elon Musk loves this cryptocurrency so much, we must first go back to the origin.
Dogecoin was officially launched on December 6th, 2013 by Billy Markus. So when the crypto market was born it wasn’t as accessible as it is now, its jargon scaring off quite a few of them and giving way to “determined geeks”.
That’s why Billy Markus, a programmer by trade, got it into his head to create a cryptocurrency “for fun”: Dogecoin.
To interest people who weren’t necessarily part of the ecosystem, the Shiba Inu crypto was just a joke at first.
In fact, unlike other cryptocurrencies, Dogecoin has no particular utility. Even on a speculative level, the Doge is not necessarily interesting, since there is no limited number and therefore little rarity…
Despite everything, the “Kryptowitz” has become the very first class by entering the top 10 cryptocurrencies with a market capitalization of 7 billion dollars…
In fact, thanks to its tight and noisy community, DOGE’s price rose from $0.00026 to $0.69 to its highest level in May 2021.
Seeing the price explode, investors flocked to the dog-headed crypto.
Among these investors, a certain Elon Musk is actively contributing to the dogarmy…
Elon Musk, official face of Dogecoin
It all started with a tweet from Elon Musk in April 2019:
“Dogecoin might be my favorite cryptocurrency. It’s pretty cool.”
We could have guessed what would happen next…
In fact, Elon Musk has had fun lifting the Doge’s courses at his whim for the last few years.
The process is simple: the billionaire regularly tweets on the DOGE to see his price increase immediately.
A not insignificant practice as Dogecoin is one of their three crypto investments along with Bitcoin and Ethereum. He also recently received a complaint from investors accusing him of manipulating Dogecoin’s price thanks to his influence.
However, Elon Musk won’t give up as he showed his support for DOGE a few days later.
Elon Musk continues to support Dogecoin
Despite the cryptocurrency decline, follower Elon Musk continues to support Dogecoin.
The cryptocurrency market is not in the best of shape, but Dogen supporters can look forward to a consolation prize as Elon Musk announces they will soon be able to use cryptocurrencies as a means of payment in the SpaceX merchandise store.
Additionally, on Sunday, June 19, the billionaire released a tweet reaffirming his support for Dogecoin, adding that he will continue to buy it no matter how low it is.
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
An action that quickly reacted to the price of the cryptocurrency, as the latter recorded a surge of more than 20% on the day of the tweet, much to the delight of investors.