Billionaire Elon Musk still buying dogecoin despite cryptocurrency crisis

Billionaire Elon Musk still buying dogecoin despite cryptocurrency crisis
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
PEOPLE

Billionaire Elon Musk still buying dogecoin despite cryptocurrency crisis

Despite the falling values of bitcoin and other popular cryptocurrencies, billionaire Elon Musk has maintained his support for the meme token dogecoin.

06/21/2022

The Tesla CEO claimed that he is increasing his dogecoin holdings, despite the fact that other investors are selling cryptocurrencies and other risky assets in response to the Federal Reserve’s decision to tighten monetary policy through interest rate hikes.

Elon Musk still supports Dogecoin

“I will continue to support Dogecoin,” Musk tweeted on Sunday.

When a Twitter user suggested that Musk “keep buying it” to demonstrate his support, the billionaire responded, “I am.”

Following Musk’s tweets, the price of Dogecoin increased by more than 4% to over $0.06 per token on Monday. On Sunday, the meme token increased by roughly 10%. However, the price of dogecoin has dropped by more than 90% since its all-time high of $0.74 in May 2021.

Despite their volatility, Musk has emerged as a strong supporter of bitcoin, dogecoin, and other cryptocurrencies in recent months.

When Musk openly expresses his interest in Dogecoin, its value rises. Last year, the price soared ahead of Musk’s debut as a guest host on “Saturday Night Live,” reaching an all-time high before plummeting after the broadcast aired.

Dogecoin will be accepted by SpaceX soon

Musk stated earlier this year that Tesla had began accepting dogecoin as payment for some products in its online store. Dogecoin will be accepted by SpaceX in the near future.

Musk has also hinted that if his $44 billion takeover proposal goes through, some Twitter users may be able to use dogecoin for transactions within the social media app.

Musk hinted at his plans for dogecoin in a cryptic tweet on Saturday, implying that both of his firms may accept the cryptocurrency in the future for other things.

“Tesla and SpaceX merch, possibly more in the future,” he stated.

Musk’s recent dogecoin tweets came just days after the tech tycoon was hit with a $258 billion federal complaint alleging that he and his companies “are engaging in a crypto pyramid scheme via dogecoin cryptocurrency.”

According to The Washington Post, the plaintiff, Keith Johnson, wishes to represent a class of persons who have lost money investing in dogecoin.

Top crypto tokens have fallen in lockstep with regular stocks this year as investors prepare for the potential of a recession.

By Elah Mae Ariate Wozinga Staff

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