- Tesla CEO Elon Musk has not lost interest in this popular meme coin even though the token suffered a massive price correction.
Tesla CEO Elon Musk took to Twitter amid a massive price drop that dominates the market. to Dogecoin (DOGE) reaffirm its support confirmed.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
The Tesla-owning billionaire entrepreneur also confirmed that he will continue to buy more DOGE, providing a much-needed price boost in the cryptocurrency.
Ben
— Elon Musk (@elonmusk) June 19, 2022
Despite the downtrend Bitcoin (BTC) The price of the parody meme cryptocurrency rose by about 15 percent on the Binance exchange due to Musk’s tweets. DOGE price After this development, it reached its intraday high value of $ 0.059072.
The meme coin, which lost some of its Anack gains, is back at $0.05765 and is trading over 6 percent at the time of writing.
It looks like Musk decided to show Dogecoin some love after his followers celebrated Father’s Day.
Dogecoin rise
As previously reported by KoinFinans, Musk paid homage to “The Godfather” starring the legendary Marlon Brando, one of the greatest movies of all time played by Hollywood, in early May 2021, and hosted “Saturday Night Live” for the first time. He had referred to himself as “The Dogefather” before his debut.
Musk’s highly engaging SNL participation predictably marked the apex of Dogecoin’s massive bull run.
The meme cryptocurrency is now down 92.33 percent from its record high of $0.73 and has become one of the worst performing altcoins after delivering huge returns for its early investors. In fact, the meme coin has fallen into disrepair from time to time as a result of Shiba Inu’s efforts to expand its ecosystem.
But Dogecoin’s massive price correction didn’t dampen Musk’s support for the meme cryptocurrency.
Tesla, the world’s largest e-car manufacturer, made it possible for customers to purchase products with the help of the meme cryptocurrency earlier this year. On top of that, Musk confirmed that SpaceX will also add the weird Bitcoin parody as product payment.
It looks like Musk doesn’t plan to stop here either. On Saturday, the entrepreneur signaled that his companies will expand their use cases for Dogecoin.
All these and DOGE price Despite losing most of its value, it remains the tenth largest cryptocurrency by market cap.
You can check the price movements 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.