Elon Musk, the chief executive of Tesla and SpaceX, has reiterated his support to the cryptocurrency Dogecoin (DOGE). He recently confirmed that he has no intention of stopping Dogecoin purchases and would remain committed to the meme token. After his statements, the price of DOGE shot up, amidst a downturn in the crypto market.
Musk Committed to Dogecoin
Over the weekend, Elon Musk reaffirmed his dedication and support for the meme crypto token called Dogecoin. In a tweet on Sunday, the CEO of Tesla said that he would continue supporting DOGE and that he would also continue buying the token. The Tesla boss had mentioned DOGE on Twitter on Saturday as well, when he responded to Billy Markus, the co-creator of the meme crypto.
Markus expressed his desire for people to use Dogecoinnot only for pump and dump, but for something meaningful. Musk responded that people could use the crypto to buy merchandise at both Tesla and SpaceX. He also hinted that there could be more additions in the future.
Tesla Accepts DOGE
Back in January, Tesla had announced that it would start accepting DOGE for some of its merchandise. Musk had announced in the previous month that Spacex would also add support for DOGE for the purchase of merchandise and he said that the same could apply to Starlink subscriptions as well.
At the time of writing, there was a 25% rise in Dogecoin within 24 hours, which took it to a value of $0.062662. However, the last 30 days have seen the meme token decline by 30%. Musk has been a Dogecoin supporter for a long time and has even been called the ‘Dogefather’ by the crypto community.
The tech guru has asserted that he believes it is people’s crypto and unlike Bitcoin, he believes it has a lot of potential as a currency. As for Bitcoin, he considers it to be a good store of value, but not a currency. Previously, the Tesla chief had also disclosed that he owns not just BTC and ETH, but also some DOGE.
Musk Gets Sued
A Dogecoin investor had filed a suit against Elon Musk last week, along with SpaceX and Tesla, for the promotion of the meme token. The class-action lawsuit is worth $258 billion and has alleged that Musk and his firms have falsely labeledDOGE as a legitimate investment, even though it does not have any value.
According to the plaintiff, the CEO and his two companies are running a crypto pyramid scheme through the Dogecoin cryptocurrency. Last week, Musk had also hinted that he would integrate crypto payments into Twitter if he is able to complete the purchase of the social media company. However, the deal, which is worth $44 billion, has been put on hold and the Tesla boss has accused the company of breaching their agreement.
The crypto market is currently facing a big downturn that has seen the prices of Bitcoin and other cryptocurrencies come down drastically.
