Elon Musk still buying dogecoin despite cryptocurrency crash

Billionaire Elon Musk hasn’t deserted his assist of the meme token dogecoin regardless of 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 belongings in response to the Federal Reserve’s transfer to tighten financial coverage via rate of interest hikes.

“I’ll hold supporting Dogecoin,” Musk tweeted on Sunday.

When a Twitter person replied by saying Musk ought to “hold shopping for it” to indicate his assist, the billionaire replied, “I’m.”

Dogecoin’s worth was up greater than 4% to about $0.06 per token on Monday following Musk’s tweets. The meme token additionally rose practically 10% on Sunday. Nevertheless, dogecoin’s worth remains to be down greater than 90% since hitting its all-time excessive of $0.74 in Might 2021.

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

Dogecoin has commonly surged in worth when Musk speaks publicly about his curiosity. Final 12 months, the worth surged forward of Musk’s look as a guest-host on “Saturday Night time Stay, hitting its all-time excessive earlier than rapidly dipping as soon as the episode aired.

Earlier this 12 months, Musk revealed that Tesla had begun accepting dogecoin as cost for some merchandise in its on-line retailer. SpaceX is slated to simply accept dogecoin within the close to future.

Musk has additionally floated the chance that some Twitter customers will have the ability to 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, possibly extra down the highway,” he stated.

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 means of dogecoin cryptocurrency.”

As The Put up reported, the plaintiff, Keith Johnson, desires to symbolize a category of people that have misplaced cash investing in dogecoin.

Prime crypto tokens have plunged in tandem with conventional shares this 12 months as traders brace for the potential for a recession.

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

“Cryptonight,” Musk tweet.