Cryptocurrency is now a popular topic of interest among people all around the world. With various crypto-based websites, they can stay abreast with the latest crypto news about any recent developments that have taken place in the crypto world. According to a crypto news website, it has come out that Tesla and SpaceX CEO Elon Musk has once again confirmed that he will continue his support for the crypto meme currency, Dogecoin, and won’t stop buying it. His statement once again did wonders in escalating the price of DOGE amid the downward phase of the cryptocurrency market. Let us know more about it further.
Elon Musk’s continuous support for Dogecoin; Why?
Elon Musk is a popular figure in the business world. He is the founder and chief executive officer of Tesla Motors and SpaceX. Elon is well known for being the man behind the popularity of Dogecoin, a cryptocurrency that began as a meme joke to poke fun at Bitcoin. But with his series of tweets, the crypto started gaining attention and rose to popularity.
Because of this, he is even given the name Dogefather. Now once again, his statement about his continuous support to the DOGE has worked wonders resulting in its price upswing. In his tweet, he mentioned that he will continue buying the DOGE. In response to the co-creator of Dogecoin, Billy Markus on Twitter, Elon expressed his desire in encouraging people to buy this crypto meme coin beyond pump and dump.
Hence, there is a reason for its existence. In his tweet, Elon Musk mentioned the use of Dogecoin for buying merchandise at Tesla and SpaceX, of which he is the founder. He indicated about more to be provided in the future. Dogecoin has been accepted by Tesla Motors since January for buying merchandise. The Tesla founder and CEO stated about the acceptance of Dogecoin by his other founded firm, SpaceX for buying merchandise and will be followed by Starlink subscriptions. In the past 24 hours, the trading price of DOGE was at $0.062662 but came swept down to 30% in the last thirty days.
Elon Musk the DOGEFATHER
As mentioned above, Dogecoin began as a crypto meme currency intending to poke fun at Bitcoin, but little it was expected that this crypto meme joke would soon turn out in becoming one of the popular cryptos. And the main credit for this goes to none other than the Tesla Motors and SpaceX founder and CEO, Elon Musk.
And this is how he got the name ‘Dogefather’ from a crypto community. According to this business magnate, Dogecoin is a cryptocurrency of people and does have the potential as a currency. However, he also mentioned Bitcoin is a more suitable choice as a store of value. The Tesla CEO has himself confessed to being the owner of BTC and ETH other than Dogecoin.
Musk facing a lawsuit for the illegal promotion of Dogecoin
Elon Musk and his two companies, Tesla Motors and SpaceX faced a lawsuit of $258 billion by a DOGE investor, for the promotion of Dogecoin. According to the investor, Elon and his two firms have illegally claimed crypto meme currency as a legal investment when it has no value.
The complainant says that Musk and his companies are involved in a Ponzi scheme through Dogecoin.
Last week, the Tesla founder indicated the incorporation of crypto payments into the social media website, Twitter, depending on his bid to buy it becomes a success. But currently, the deal of 444 billion is on hold, and this time, Elon musk has accused Twitter of a material breach regarding their agreement of merger.
Is Dogecoin a good investment in 2022?
DOGE has been the top-performing crypto in the cryptocurrency market during the last year by soaring high in May before coming down in the following months. Well, there are other positive factors about the prospects of Dogecoin with the developers interested in executing the add-on use cases to bolster the value proposition of the meme coin.
In the crypto market, Dogecoin is considered one of the best crypto meme coins. However, it is also a fact, that it has been prone to volatility experiencing staggering highs and later sweeping to its lower. Those who are behind the creation of Dogecoin never expected the surprising mass appeal of this meme currency. Also, it came as unexpected for most market analyses about its sustaining its mass appeal.
Getting ample support from the business magnate Elon Musk via his series of tweets. And now once again, his statement about his continuous support for Dogecoin has led to a rise in its price. Well, there is no doubt about DOGE being one of the popular cryptos in the crypto market, still, when it comes to choosing it for investment, then it makes one think about it. And it is all because of a new competitor that has garnered much attention. It is Lucky Block. Explore Cryptoknowmics to know about the best cryptocurrency memes and other relevant topics.