Cryptocurrency Dogecoin (DOGE) Is Backed by Elon Musk Again

Cryptocurrency Dogecoin (DOGE) Is Backed by Elon Musk Again

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Tesla, Elon Musk’s company, announced that it is about to sell unique merchandise for DOGE. Memecoin in response to this message raised fast.

The DOGE cryptocurrency exists and is increasing capitalization thanks to the verbal interventions of a super-entrepreneur. Numerous statements by Elon Musk have always caused the price of memecoin to rise. And capitalization also grows in accordance with the price. In terms of capitalization, Dogecoin (DOGE) is rated as one of the top ten cryptocurrencies.

The crypto community has several times criticized Musk for his attempts to manipulate the market. Musk stopped tweeting about Dogecoin after that. But from time to time he repeatedly promotes his favorite cryptocurrency.

Elon Musk was recently named “Person of the Year” by Time magazine. In an interview with a magazine, he spoke positively about cryptocurrencies and DOGE in particular. He even clarified that DOGE is better suited for payments than bitcoin. BTC, in his opinion, can only serve as a store of value. In the same interview, Elon Musk tried to answer the accusations of manipulating the cryptocurrency market. According to him, the cryptocurrency market is volatile in nature, and his tweets are just humor.

However, Musk does not only support cryptocurrencies with tweets. His company Tesla invested $1.5 billion in bitcoin in February 2021, after that BTC soared by almost 50%, from $39K to $58K. The king of cryptocurrencies also reacted positively to the message that Tesla was ready to sell its electric cars for BTC. When Tesla announced in May 2021 that it would stop selling for cryptocurrency, the market dropped. Tesla is now preparing to sell merchs for DOGE, and Musk announced this on Twitter:

– Tesla will make some merch buyable with Doge & see how it goes.

The excitement around Elon Musk fueled interest in his favorite cryptocurrency and other memecoins. Dogecoin is up 25%, and its playful clone Baby Doge Coin (BabyDoge) is up 10% as well. Even the DOGE “killer” memecoin Shiba Inu (SHIB) soared by 5% for a short time.

Musk previously reported that he was holding BTC, ETH and DOGE, but did not buy SHIB, like other promising coins. In his opinion, Dogecoin is a national coin, because many of the employees of his companies, Tesla and SpaceX, hodl DOGE. But even now, the super-entrepreneur could not resist humor and stated on Twitter:

– DOGE has dogs & memes, whereas the others do not.

In a more serious tone, Musk recalled that he understands the monetary system as a whole and played an important role in the creation of PayPal, therefore he is ready to support the discussion about the place of cryptocurrencies in the world.