Elon Musk Is Buying More Dogecoin

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Alex Dovb­nya

Tes­la CEO Elon Musk hasn’t lost his inter­est in Doge­coin in spite of the mas­sive price correction 

Tes­la CEO Elon Musk has tak­en to Twit­ter to reaf­firm his sup­port for Doge­coin amid a mas­sive price plunge.

The cen­tibil­lion­aire has also con­firmed that he’s buy­ing more DOGE, giv­ing the cryp­tocur­ren­cy a much-need­ed price boost.

The price of the Bit­coin par­o­dy soared near­ly 13% on the Binance exchange because of Musk’s tweets. DOGE hit an intra­day high of $0.05877.

Musk decid­ed to show some love for Doge­coin after con­grat­u­lat­ing his fol­low­ers on Father’s Day.

As report­ed by U.Today, Musk dubbed him­self “The Doge­fa­ther” ahead of his “Sat­ur­day Night Live” host­ing debut that took place in ear­ly May 2021 in a nod to “The God­fa­ther,” one of the great­est movies of all time star­ring Hol­ly­wood leg­end Mar­lon Brando.

Musk’s much-hyped SNL appear­ance pre­dictably marked the top of Dogecoin’s mas­sive bull run.

The meme cryp­tocur­ren­cy has now plunged 92.33% from its record peak of $0.73, becom­ing one of the worst-per­form­ing alt­coins after bring­ing mas­sive returns for its ear­ly investors.

Dogecoin’s mas­sive price cor­rec­tion hasn’t dent­ed Musk’s sup­port for the meme cryptocurrency.

Tes­la, the world’s largest e‑car mak­er, made it pos­si­ble for cus­tomers to buy mer­chan­dise with the help of the meme cryp­tocur­ren­cy ear­li­er this year. On top of that, Musk also con­firmed that SpaceX would also add the whim­si­cal Bit­coin par­o­dy as pay­ment for merch.

It seems like Musk won’t stop there. On Sat­ur­day, the entre­pre­neur sig­naled that his com­pa­nies would expand use cas­es for Dogecoin.

Despite los­ing most of its val­ue, Doge­coin remains the tenth biggest cryp­tocur­ren­cy by mar­ket capitalization.



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