news material Despite the fall of Bitcoin, Elon Musk continues to support Dogecoin
Between Elon Musk and Dogecoin, it’s a real romance… Indeed, despite the fall in the price of cryptocurrencies, the CEO of Tesla continues to believe in his favorite cryptocurrency: Dogecoin.
What is Dogecoin
To understand (or not) why Elon Musk loves this cryptocurrency so much, we must first go back to the origin.
Dogecoin was later launched on December 6, 2013 by Billy Markus. So at the genesis, the crypto market was not as accessible as it is now, its technical terms putting off a good number of them, preferring the place to “determined geeks”.
This is why Billy Markus, a programmer by profession, took it into his head to create a cryptocurrency “for fun”: Dogecoin.
Intended to appeal to people who will not be part of the ecosystem, the Shiba Inu crypto was initially just a joke.
Indeed, Dogecoin, unlike other cryptocurrencies, does not really have any particular use. Even at the speculative level the Doge is not requested interesting since there is no limited number of pieces and therefore little rarity…
Despite everything, the “cryptojoke” has become the very first degree by reaching the top 10 of cryptocurrencies with a market capitalization of 7 billion euros…
Indeed, thanks to its close-knit and noisy community, the price of DOGE soared, starting from 0.00026 € to 0.69 €, at its highest, in May 2021.
Seeing its price explode, investors flocked to the dog-headed crypto.
Among these investors, a certain Elon Musk contributes to the dogearmy…
Elon Musk, official face of Dogecoin
It all started with a tweet from Elon Musk in April 2019:
“Dogecoin might be my favorite cryptocurrency. It’s pretty cool.”
We could have guessed what would happen next…
Indeed, for the past few years, Elon Musk has had fun raising the Doge’s courses according to his mood.
The process is simple: the billionaire tweets regularly on the DOGE in order to see his price go up instantly.
A not insignificant practice since Dogecoin is one of its three crypto investments alongside Bitcoin and Ethereum. He has also recently received a complaint from investors, accusing him of manipulating the price of Dogecoin thanks to his influence.
However, Elon Musk is not about to quit as he showed his support for DOGE a few days later.
Elon Musk continues to support Dogecoin
Despite the fall in cryptocurrencies, follower Elon Musk continues to support Dogecoin.
The cryptocurrency market isn’t in the best of shape, but Doge followers are in for a consolation prize, as Elon Musk announces that they could soon be using crypto as a means of payment on the SpaceX merchandising store.
Additionally, the billionaire posted a tweet on Sunday, June 19 in which he affirms his support for Dogecoin adding that he is likely to buy no matter how low.
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
An action that was quick to react to the price of cryptocurrency since the latter recorded an increase of more than 20% during the day of the tweet, to the delight of investors.