Elon Musk becomes DOGE’s surprising backer in current pessimistic crypto market conditions.
The cryptocurrency’s price increased by 8% to $0.058 on Monday, June 20, after Musk took to Twitter to say that he will keep supporting Dogecoin.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
There is no doubt that Musk piques the interest of his almost 99 million Twitter followers whenever he tweets about Dogecoin or anything else for that matter.
His support for Doge is a much-needed boost for the cryptocurrency market.
After the tweet, a user suggested Musk keep buying the coin, if he really supports it, and Musk simply replied, ‘I am.
I am
— Elon Musk (@elonmusk) June 19, 2022
Tesla’s CEO, who was faced with a $258 billion lawsuit last week for his support of Dogecoin, proves this way that he is ditching the coin and will continue to support it.
According to some market observers, this is seen as an excellent opportunity to purchase cryptocurrencies while they are still low.
Ever since last year, when Musk confirmed that he personally owns Ethereum (ETH), Bitcoin (BTC), and Dogecoin (DOGE), google searches for DOGE increased anytime Musk tweeted about it.
Musk has been pushing DOGE developers to enhance the cryptocurrency so that it could “defeat bitcoin hands down” as the price of Bitcoin and Ethereum reached new highs due to the massive crypto bull run.
In a mock Twitter poll in 2019, Musk was chosen as “Dogecoin CEO” and after, named himself “The Dogefather” stating that the coin may be his favorite cryptocurrency.
The adoption of Dogecoin as a payment mechanism, which would grant the coin an actual function and lessen its position as a meme coin was urged by Musk (together with Dallas Mavericks owner Mark Cuban).