Elon Musk Reaffirms Support for Dogecoin, DOGE Price Rallies

Tesla CEO Elon Musk reaffirmed his support for meme cryptocurrency Dogecoin during a recent conversation on Twitter Spaces. 

The controversial entrepreneur said “Dogecoin to the moon” when asked about the famed Bitcoin parody. 

Musk also said that the social media platform wanted to make it easier to transact with the top meme coin. 

The DOGE price is up nearly 5% over the past 24 hours, currently trading at $0.104 on the Binance exchange. It remains the eighth biggest cryptocurrency by market capitalization after surpassing Cardano (ADA). 

As reported by U.Today, Dogecoin experienced a significant price rally in October due to Musk completing the $44 billion acquisition of Twitter. The market expected the billionaire to make the $14 billion meme coin part of the platform. 

However, the price of Dogecoin slipped after Twitter reportedly shelved its plan to integrate a native cryptocurrency wallet following Musk’s takeover. 

Musk’s most recent comments should be reassuring for DOGE owners since they signal that the capricious billionaire doesn’t plan to abandon the meme coin just yet. 

Last year, in an interview with Time Magazine, Musk said that Dogecoin was better suited for transactions compared to Bitcoin. The controversial entrepreneur opined that the largest cryptocurrency wasn’t a good substitute for a transactional currency. 

Tesla and SpaceX started accepting Dogecoin for merchandise earlier this year.