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Key highlights:
- Tesla and SpaceX CEO Elon Musk says he "will keep supporting Dogecoin"
- Musk also says that he is still buying DOGE
- The price of DOGE is down about 92% from its all-time high
Elon Musk says he is still buying Dogecoin, sparks brief rally in DOGE markets
Tesla and SpaceX CEO Elon Musk’s tweets continue to have a noticeable impact on the markets for Dogecoin, the largest “meme coin” by market capitalization.
In a tweet on June 19, Musk said “I will keep supporting Dogecoin”. In response to a comment from another Twitter user, Musk said that he is still buying DOGE.
I am
— Elon Musk (@elonmusk) June 19, 2022
Musk’s tweets were reflected in the Dogecoin markets very quickly. Only about 5 minutes after the first tweet, the price of DOGE spiked from $0.052 to $0.055, and peaked at $0.062 later in the day amid positive price action displayed by the broader cryptocurrency market.
The billionaire entrepreneur is by far the most visible advocate for Dogecoin. In May 2021, Musk said that he was working with Dogecoin developers in an effort to improve the cryptocurrency’s transaction efficiency.
Even though Musk hasn’t wavered in his support for Dogecoin, the cryptocurrency has seen a massive price decline from the all-time high it reached in May last year. Dogecoin hit its highest price ever on May 8, 2021, when DOGE/USD was trading at about $0.738. At the time of writing, DOGE is changing hands at $0.0604, which represents a decline of approximately 92% from the all-time high.
The Dogecoin all-time high happened in anticipation of Elon Musk’s appearance on Saturday Night Live, as users speculated that Musk would leverage his appearance to showcase Dogecoin to a wide audience. While Musk’s Saturday Night Live appearance did feature a short segment on Dogecoin, the appearance turned out to be a “buy the rumor, sell the news” event that marked the top of Dogecoin’s explosive 2021 rally.
Elon Musk’s promotion of Dogecoin has not been without controversy. Recently, a lawsuit seeking a headline-grabbing $258 billion in damages was filed against Elon Musk, Tesla and SpaceX. Among a host of allegations including wire fraud, the lawsuit alleges that Dogecoin is a “crypto pyramid scheme” promoted by Musk.
You can find the latest Dogecoin price predictions on CoinCodex