Shortly after Elon Musk tweeted that he would still support Dogecoin, just a few hours later, the price of Dogecoin rose by 8%.
Currently, both Bitcoin and Ethereum are down 30% this week, which also causes the market capitalization to drop to $830 billion. However, Elon Musk has tweeted that he will continue supporting the most famous coin meme on the market.
This caused Doge’s price to rise 8% to $0.058.
Of course, $0.058 is far behind (down 91%, to be exact) from the $0.72 DOGE touched last May, when Musk hosted “Saturday Night Live,” and Doge was mentioned in the opening monologue on the Weekend Update.
Musk has been Dogecoin’s most popular cheerleader since April 2019 when he tweeted, “Dogecoin could be my favorite cryptocurrency.” Throughout 2020 and 2021, searches for Dogecoin on Google skyrocketed every time Musk tweeted about meme coin. In May 2021, Decrypt reported that Doge developers had even been in close contact with Musk about the changes he wanted to make to the code.
Elon Musk also recently announced that it would use Doge to pay for electronic payments. In addition, Musk said that it would use Doge to pay for services such as Dogecoin tip on Twitter (Twitter currently only supports tips in Bitcoin) and accept Doge as payment for premium services such as Twitter Blue.
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