Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha.<\/p>\n
Musk stated at the Qatar Economic Forum that he buys and backs it because people \u201cwho are not that wealthy\u201d have requested\u00a0him to, according to Bloomberg News.<\/p>\n
Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts<\/p>\n
Dogecoin Gets Some Love From Musk<\/p>\n
Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:<\/p>\n
\u201cI just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I\u2019m responding to those people.\u201d<\/p>\n
The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes.<\/p>\n
Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.<\/p>\n\n
In 2017, the price of Dogecoin was $0.0003. By June 1, 2022, its price had risen about 40,000% to $0.10. According to Coingecko data, DOGE is currently trading at $0.063348, up over 14 percent as of this writing.<\/p>\n
Musk also stated that his staff had requested that he promote the coin. \u201cThey urged me to endorse Dogecoin, and I am,\u201d the billionaire explained.<\/p>\n
In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE.<\/p>\n\n
DOGE total market cap at $8.5 billion on the weekend chart | Source: TradingView.com
\nMusk Social Media Comments Move DOGE<\/p>\n
Dogecoin frequently varies in response to Musk\u2019s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off.<\/p>\n
The dog-themed currency plummeted in May of last year after Musk called it a \u201chustle\u201d on Saturday Night Live.<\/p>\n\n
Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added \u201cdown the line.\u201d<\/p>\n
Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon\u00a0was involved\u00a0in a \u201cpyramid scheme through pushing Dogecoin cryptocurrency.\u201d<\/p>\n
Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.<\/p>\n
Suggested Reading |\u00a0Shiba Inu Now The Largest ETH Whales\u2019 Holding Despite Crypto Market Turmoil<\/p>\n
Featured image from NDTV Gadgets 360, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha.<\/p>\n
Musk stated at the Qatar Economic Forum that he buys and backs it because people \u201cwho are not that wealthy\u201d have requested\u00a0him to, according to Bloomberg News.<\/p>\n
Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts<\/p>\n
Dogecoin Gets Some Love From Musk<\/p>\n
Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:<\/p>\n
\u201cI just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I\u2019m responding to those people.\u201d<\/p>\n
The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes.<\/p>\n
Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.<\/p>\n
In 2017, the price of Dogecoin was $0.0003. By June 1, 2022, its price had risen about 40,000% to $0.10. According to Coingecko data, DOGE is currently trading at $0.063348, up over 14 percent as of this writing.<\/p>\n
Musk also stated that his staff had requested that he promote the coin. \u201cThey urged me to endorse Dogecoin, and I am,\u201d the billionaire explained.<\/p>\n
In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE.<\/p>\n
DOGE total market cap at $8.5 billion on the weekend chart | Source: TradingView.com
\nMusk Social Media Comments Move DOGE<\/p>\n
Dogecoin frequently varies in response to Musk\u2019s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off.<\/p>\n
The dog-themed currency plummeted in May of last year after Musk called it a \u201chustle\u201d on Saturday Night Live.<\/p>\n
Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added \u201cdown the line.\u201d<\/p>\n
Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon\u00a0was involved\u00a0in a \u201cpyramid scheme through pushing Dogecoin cryptocurrency.\u201d<\/p>\n
Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.<\/p>\n
Suggested Reading |\u00a0Shiba Inu Now The Largest ETH Whales\u2019 Holding Despite Crypto Market Turmoil<\/p>\n
Featured image from NDTV Gadgets 360, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1773","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1773"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1773\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1773"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}