Elon Musk Supports Dogecoin Because “People Who Are Not Qualified”

Elon Musk has always “favored” Dogecoin especially despite constantly being entangled with Dogecoin “shill” accusations and facing a lawsuit for $ 258 billion. It was he who revealed that the reason for supporting this meme coin is to accompany those who do not have money to buy other coins.

Elon Musk defies criticism from the community

Specifically, in a recent interview with Bloomberg, Elon Musk has once again reiterated his “favor” and “commitment” to Dogecoin despite all the criticism from the community surrounding the issue of inflation. This coin has not shown any signs of cooling down yet.

Besides, despite the fact that Elon Musk, Tesla and SpaceX themselves have just been entangled in a lawsuit worth up to $ 258 billion for “seducing” to invest in Dogecoin, the billionaire still frankly stated that he has never called for investors to participate in the crypto market.

He revealed that the reason he always supports Dogecoin despite public criticism is because he wants to accompany the “poor people” who cannot afford to buy other coins.

“I have never advised anyone to invest in crypto. I intend to support Dogecoin because I know there are people who even though they can’t afford to buy other coins, so they choose DOGE. They encouraged me to buy and support Dogecoin, so I’m going with those people.”

On the other hand, in March 2022 Elon Musk admitted he was holding Bitcoin, Ethereum and Dogecoin. And with his latest appearance, he went on to repeat that Bitcoin is still in his portfolio.

And of course this had an immediate positive effect on DOGE. While the two most popular coins, Bitcoin and Ethereum, have struggled over the past week as a massive sell-off wiped trillions of dollars off the crypto market, Dogecoin is up 18.8% in value over the course of the week and is trading at 0.062 USD at press time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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