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Elon Musk still buying dogecoin despite cryptocurrency crash

Billionaire Elon Musk hasn’t deserted his assist of the meme token dogecoin despite the collapsing costs of bitcoin and different main cryptocurrencies.

The Tesla CEO indicated that he’s including to his dogecoin stake, at the same time as different traders dump their cryptocurrency and different dangerous property in response to the Federal Reserve’s transfer to tighten financial coverage by means of curiosity rate hikes.

“I will keep supporting Dogecoin,” Musk tweeted on Sunday.

When a Twitter person replied by saying Musk ought to “keep buying it” to point out his assist, the billionaire replied, “I am.”

Dogecoin’s value was up greater than 4% to about $0.06 per token on Monday following Musk’s tweets. The meme token additionally rose almost 10% on Sunday. However, dogecoin’s value is still down greater than 90% since hitting its all-time excessive of $0.74 in May 2021.

Musk has emerged as a significant backer of bitcoin, dogecoin and different cryptocurrencies in current months despite their propensity of risky buying and selling.

Dogecoin has commonly surged in worth when Musk speaks publicly about his curiosity. Last year, the value surged forward of Musk’s look as a guest-host on “Saturday Night Live, hitting its all-time excessive earlier than rapidly dipping as soon as the episode aired.

Elon Musk
Elon Musk has repeatedly backed cryptocurrencies despite their volatility.
Getty Images for The Met Museum/
Dogecoin
Dogecoin is down greater than 90% from its all-time excessive.
NurPhoto through Getty Images

Earlier this year, Musk revealed that Tesla had begun accepting dogecoin as fee for some merchandise in its on-line retailer. SpaceX is slated to just accept dogecoin within the close to future.

Musk has additionally floated the likelihood that some Twitter customers will be capable of use dogecoin for transactions throughout the social media app if his $44 billion takeover deal closes.

Musk touched on his plans for dogecoin in a cryptic tweet on Saturday, hinting that each of his corporations might settle for the cryptocurrency for different gadgets sooner or later.

“Tesla and SpaceX merch, maybe more down the road,” he mentioned.

Dogecoin
Tesla accepts dogecoin as fee in its on-line retailer.
Bloomberg through Getty Images

Musk’s newest tweets on dogecoin got here simply days after the tech billionaire was slapped with a $258 billion federal lawsuit which alleged that he and his corporations “are engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.”

As The Post reported, the plaintiff, Keith Johnson, desires to characterize a category of people that have lost money investing in dogecoin.

Top crypto tokens have plunged in tandem with conventional shares this year as traders brace for the opportunity of a recession.

Last week, Musk reacted with a single phrase when bitcoin fell under $21,000 for the primary time since December 2020.

“Cryptonight,” Musk tweet.

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