Dogecoin continues to have Elon Musk’s support despite the complaint

Elon Musk continues to support Dogecoins, despite the $258 billion complaints that emerged just a few days ago. During the Qatar Economic Forum, the boss of Tesla and SpaceX (among others) reiterated to Bloomberg’s microphones that the cryptocurrency born almost for fun, essentially one of the first to embody the phenomenon of “meme coins”, continues to be one of the payment systems accepted for Tesla merchandise and that soon will be also for that of SpaceX.

I just know a lot of people who aren’t particularly wealthy and have invited me to buy and support Dogecoin. I am responding to those people.

As we have come to expect every time Musk talks about it, Dogecoin’s value has risen by around 7.9% in the hours immediately following the release of the statement. Compared to last year, the currency is still heavily negative – down 63%, to be exact, but it’s a malaise that affects the entire crypto sector ( BTC even dropped below $ 20,000 over the weekend ).

Something similar happened last weekend when Musk said via Twitter that he would continue to buy and support it. On that occasion, the leap forward was 9%. Elon Musk was one of the public figures of reference for the promotion of crypto.

Tesla was one of the first large companies to allow bitcoin to buy its core products, electric cars. Musk said he owns BTC, ETH and DOGE, and has no plans to sell them. However, the entrepreneur also caused quite significant falls, for example when he spoke of the high energy costs that the mining of bitcoins requires.

Dogecoin, created for fun by developers Billy Markus and Jackson Palmer as a critique of the extremely speculative attitude adopted at the time in the crypto sector, has always been linked to the meme movement and the kind of “meta” humor that platforms feed on.

Like Reddit (from which one of the most incredible financial cases of recent years, that of GameStop, comes from ). The peak in value of the currency, say, was reached just before Musk’s appearance on Saturday Night Live, because it was expected to be mentioned. That was not the case, and a collapse occurred immediately.

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