Elon Musk Continues To Support Dogecoin: “To The Moon”

Elon Musk Continues To Support Dogecoin: "To The Moon"

During a recent Twitter Spaces chat, Tesla CEO Elon Musk confirmed his support for Dogecoin.

Musk stated that the social media platform wished to make it easy to trade the top meme coin. When questioned about the famous Bitcoin spoof, the billionaire said: “Dogecoin to the moon!”

Dogecoin witnessed a big price increase in October as a result of Musk’s $44 billion acquisition of Twitter. The market anticipated that the billionaire would include the $14 billion meme currency onto the platform.

Elon Musk‘s most recent remarks should reassure DOGE investors since they indicate that the temperamental billionaire does not intend to forsake the meme coin just yet.

However, the value of Dogecoin fell when Twitter apparently abandoned its ambition to incorporate a native cryptocurrency wallet in the aftermath of Musk’s takeover. At the time of writing, DOGE is trading at $0.103.

DOGE daily chart. Source: Coincu

Elon Musk is known to be a supporter of Dogecoin, the popular meme cryptocurrency. According to Business Insider, the US billionaire started mentioning DOGE in 2019, he often posts promoting this type of memecoin.

Dogecoin is a prank coin created by computer engineer Billy Markus and marketing expert Jackson Palmer to criticize the Bitcoin craze since 2013. This coin is based on Litecoin, and has a fast mining speed compared to other Bitcoins. other and unrestricted digital currency like Bitcoin.

At that time, communities like Reddit helped Dogecoin’s market cap grow to $8 million. The platform’s users use DOGE to give each other as a morale booster for individuals who have contributed content on Reddit.

In 2019, Musk first mentioned Dogecoin on his personal Twitter. In early May 2021, Dogecoin peaked at $0.739, an increase of more than 14 times compared to the price at the beginning of January 2021. The price hike comes before Elon Musk’s appearance on Saturday Night Live. Before the show, Musk repeatedly tweeted about Dogecoin on his personal Twitter.

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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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.