Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his commitment to dogecoin (DOGE). He states that he will continue to buy and support the meme cryptocurrency. During a crypto market downturn, the price of dogecoin increased as a result of his comments.
esla CEO Elon Musk reaffirmed his support for the meme cryptocurrency dogecoin a few times this weekend. On Sunday, Musk tweeted that he will keep supporting DOGE. He also indicated that he will keep buying the meme coin.
On Saturday, the Tesla boss also mentioned DOGE on Twitter in response to a tweet by Dogecoin co-creator Billy Markus stating his “desire” for people to use DOGE “for something beyond pump and dump … so it has a reason to exist.”
Musk tweeted that dogecoin can be used to purchase merchandise at his companies, Tesla and Spacex, hinting that more could be offered “down the road.”
Tesla began accepting dogecoin for some merchandise in January. Last month, Musk said Spacex will soon accept DOGE for merchandise and Starlink subscriptions could soon 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 believes, is the people’s crypto and has currency potential. Bitcoin, on the other hand, he believes, is better suited as a store of value.