Tesla CEO Elon Musk Confirms He Will Continue To Buy And Support Dogecoin

Tesla and Spacex CEO Elon Musk has reaffirmed his commitment to dogecoin (DOGE). He confirms that he will continue to buy and support the meme cryptocurrency. Dogecoin price spiked following his statements amid a downturn in the crypto market.

Elon Musk reaffirms his commitment to Dogecoin

Tesla CEO Elon Musk reiterated his support for the dogecoin cryptocurrency meme a few times over the weekend. On Sunday, Musk tweeted that he would continue to support DOGE. He also indicated that he would continue to buy the meme coin.

musk doge tweet support and buy

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On Saturday, the Tesla boss also mentioned DOGE on Twitter in response to a tweet from Dogecoin co-creator Billy Markus stating his “desire” for people to use DOGE “for something beyond pumping and dumping… it therefore has 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 “down the road.”

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Tesla began accepting dogecoins for certain merchandise in January. Last month, Musk said Spacex would soon accept DOGE for merchandise, and Starlink subscriptions could soon follow.

As of this 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 in the crypto community as Dogefather. He thinks DOGE is the people’s crypto and has potential as a currency. In contrast, he said bitcoin was more suitable as a store of value.

The Tesla chief also previously revealed that he personally owns DOGE in addition to BTC and ETH.

Last week, a dogecoin investor sued Musk, Tesla, and Spacex for promoting the crypto meme. 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.” The plaintiff claims that Musk, Tesla, and Spacex “are engaged in a crypto-pyramid scheme (aka Ponzi scheme) using 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 was successful. 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 to buy and support dogecoin? Let us know in the comments section below.

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Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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