Tesla CEO Elon Musk Confirms He’ll Keep Buying and Supporting Dogecoin – Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his support to dogecoin (DOGE). He states that he will continue to acquire and support the meme cryptocurrency. During a crypto market dip, the price of dogecoin increased as a result of his comments.
Musk stated on Sunday that he will continue to support DOGE. He also stated that he will continue to purchase meme coins.
Tesla’s CEO also referenced DOGE on Twitter on Saturday, in response to a message from Dogecoin co-creator Billy Markus, who expressed his “desire” for people to utilize DOGE “for anything beyond pump and dump…so it has a reason to exist.”
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Musk announced on Twitter that dogecoin can be used to buy products at Tesla and SpaceX, with the possibility of more “down the road.”
In January, Tesla began taking dogecoin for some merchandise. Musk announced last month that SpaceX will soon accept DOGE for merchandise, and that Starlink subscriptions may follow suit.
DOGE is trading at $0.062662 at the time of writing, up 25% in the last 24 hours but down 30% in the last 30 days.
Musk has long been a supporter of the dogecoin cryptocurrency. In the crypto community, he is known as the Dogefather. DOGE, he says, is the people’s crypto and has currency potential. Bitcoin, on the other hand, he believes, is better suited as a store of value. In addition to BTC and ETH, the Tesla CEO has already stated that he owns some DOGE.
Musk, Tesla, and SpaceX were sued last week by a dogecoin investor for promoting the meme cryptocurrency. Musk and his firms “falsely and deceptively represent that dogecoin is a genuine investment when it has no value at all,” according to the $258 billion class-action lawsuit.
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Musk, Tesla, and Spacex are accused of “engaging in a crypto pyramid scheme (or Ponzi scheme) by way of dogecoin cryptocurrency,” according to the plaintiff.
Musk also stated last week that if his bid to buy Twitter is successful, bitcoin payments will be integrated into the social media platform. The 444 billion acquisition is presently on hold, and Musk has accused Twitter of breaking their merger agreement in a substantial way.
