Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum
22 Junho 2022 - 02:39AM
NEWSBTC
Dogecoin, one of the most popular parody coins in the crypto
market, is on a tear today. The crypto was up 13% at the time of
publication. The move comes as Tesla CEO Elon Musk repeated his
support for cryptocurrency on Tuesday at the Qatar Economic Forum
in Doha. Musk stated at the Qatar Economic Forum that he buys and
backs it because people “who are not that wealthy” have
requested him to, according to Bloomberg News. Suggested
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Network Accounts Dogecoin Gets Some Love From Musk Musk remarked
during the forum in an interview with Bloomberg News
Editor-in-Chief John Micklethwait: “I just know a lot of people who
are not that wealthy who have encouraged me to buy and support
Dogecoin. I’m responding to those people.” The coin began as a joke
in 2013, but quickly grew into a major cryptocurrency thanks to a
committed community and inventive memes. Dogecoin is vulnerable to
devaluation since there is no restriction on the number of DOGE
units that may be created, unlike other cryptos. In 2017, the price
of Dogecoin was $0.0003. By June 1, 2022, its price had risen about
40,000% to $0.10. According to Coingecko data, DOGE is currently
trading at $0.063348, up over 14 percent as of this writing. Musk
also stated that his staff had requested that he promote the coin.
“They urged me to endorse Dogecoin, and I am,” the billionaire
explained. In addition to Dogecoin, the SpaceX founder has
indicated support for other cryptocurrencies. Musk said in October
that he owns Bitcoin, Ether, and DOGE. DOGE total market cap at
$8.5 billion on the weekend chart | Source: TradingView.com Musk
Social Media Comments Move DOGE Dogecoin frequently varies in
response to Musk’s comments on it. On Monday, it rose 8.5 percent
in a 24-hour period from near-record lows after the CEO stated that
he will continue to promote and buy the meme token in the face of a
large cryptocurrency sell-off. The dog-themed currency plummeted in
May of last year after Musk called it a “hustle” on Saturday Night
Live. Musk has recently stated that Dogecoin might compete with
Bitcoin and be used for payments. Tesla stated in January that it
would begin accepting Dogecoin payments for some products, implying
that more could be added “down the line.” Musk was sued for $258
billion last week by a Dogecoin investor who claimed the
tycoon was involved in a “pyramid scheme through pushing
Dogecoin cryptocurrency.” Meanwhile, Musk intimated last week that
if his attempt to buy Twitter is successful, cryptocurrency
payments will be integrated into the platform. Suggested Reading
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Market Turmoil Featured image from NDTV Gadgets 360, chart from
TradingView.com
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