You Won’t Believe Elon Musk’s Reason For Supporting Dogecoin ⋆ ZyCrypto

Dogecoin Sees Huge Pressure As Elon Musk Considers Using DOGE To 'Beat The Spambots' On Twitter

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Nothing will stop Tesla/SpaceX CEO Elon Musk from publicly expressing his support for meme king Dogecoin (DOGE).

Speak with Bloomberg at this year’s Qatar Economic Forum in Doha, Musk reiterated that he “will continue to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin – so I’m responding to those people. “

The eccentric centibillionaire has been Dogecoin’s most talked-about cheerleader since early 2019, when he stated that the meme coin was his “favorite cryptocurrency”. Throughout 2020 and 2021, DOGE gained significant bullish momentum every time Musk tweeted about it.

And in his recent $44 billion Twitter acquisition deal, the business magnate has promised that one of the functions he will enforce is Dogecoin tipping (Twitter currently only supports Bitcoin and Ethereum tipping) and the token’s acceptance with dog theme as payment for Twitter Blue.

In the interview, Musk argued that it was actually his own employees who asked him to support Dogecoin or as he puts it sharply, “only people when I walk through the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I do it.”

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Musk: “I never said people should invest in crypto”

Musk previously confirmed that Tesla and SpaceX would accept dogecoin payments for merch. However, he clarified at the Qatar Economic Forum that he “never said that people should invest in crypto,” adding that “SpaceX and Tesla and myself have all bought some Bitcoin, but it’s a small percentage of our total cash assets, so not all that important.”

The richest man in the world and his companies are currently facing a lawsuit over an alleged dogecoin Ponzi scheme. In addition to the $258 billion in total monetary damages, the plaintiff also demands that the court trade DOGE as gambling in the United States.

Dogecoin rose a whopping 20% ​​on Sunday after Musk tweeted that he is still buying it. However, despite Musk’s unceasing support, DOGE remains vulnerable to speculation and has faced brutal draws in the past. At the current price of $0.066764, the token is still 91% lower than its all-time high in May 2021.

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