Elon Musk: I’m Buying From This Altcoin Because…

Tesla CEO Elon MuskThere’s one more reason to continue to support Dogecoin. In an interview at the Qatar Economic Forum in Doha, Elon Musk told Bloomberg: “Many people who are not that rich have encouraged me to buy and support Dogecoin. I answer these people.”

Elon Musk has been a verbal advocate of Dogecoin since April 2019, when he tweeted that the meme coin was his favorite cryptocurrency. dogecoinIt hit an all-time high of $0.76 when fans thought he’d be talking about it, shortly before Musk appeared on “Saturday Night Live” in May 2021, then plummeted after calling it a “rush it.”

Quickly returning to the present, Elon Musk is still a staunch supporter of Dogecoin. Musk stated on Sunday that he will continue to support Dogecoin and will also buy the meme coin.

Koinfinans.com In response to this tweet, Dogecoin co-creator Billy Markus aka “Shibetoshi Nakamoto” shared his reasons why Musk thinks he supports Dogecoin: “You have always been serious about supporting the coin for what I think is right. . You find it amusing, you appreciate satire and irony, and you think it has potential as a currency and your companies accept it for business and generate more benefits.”

The co-creator shared a series of tweets over the weekend featuring his hopes for DOGE. Firstly; He wants Dogecoin to have a reason to exist. Second, it also wants the community to understand what crypto is and what the crypto market is. Third, he wants people to continue to develop and benefit from Dogecoin.

Elon Musk also backed the Dogecoin co-creator’s aspirations for utility and raison d’etre by saying “Tesla and SpaceX products, maybe further” and “more currency-like.”

As previously reported, Elon Musk is facing a $258 billion lawsuit for promoting the meme coin. That said, the multimillionaire’s support for Dogecoin doesn’t seem to be undamaged either, as seen in his recent tweets.

Dogecoin Price Action

At the time of publication, Dogecoin is up 5.41% at $0.062, but has dropped 64% so far in 2022. The meme cryptocurrency surged nearly 9% on Sunday after Musk tweeted that he would continue to support and buy it.

According to the latest data from WhaleStats, Dogecoin ranks as one of the most used smart contracts among the top 2,000 BSC whales currently holding DOGE worth $11,841,592.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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