Dogecoin Pumps 8% After Elon Musk Says He’s Still Buying

Because the current crypto rout continues, Bitcoin and Ethereum are each down 30% over the previous week and your entire crypto market cap fell to $830 billion. However Elon Musk declared he’ll “hold supporting Dogecoin.”

That was sufficient to make DOGE spike 8% to $0.058.

I’ll hold supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

After all, 5.8 cents is a far cry (a 91% drop, to be exact) from the 72 cents Dogecoin touched in Could of final 12 months, when Musk hosted “Saturday Evening Reside” and Dogecoin obtained a point out in his opening monologue and on Weekend Replace. (“It is a hustle,” Musk responded to Michael Che’s query about DOGE.)

Musk has been Dogecoin’s most high-profile cheerleader since April 2019 when he tweeted, “Dogecoin could also be my fav cryptocurrency.” All through 2020 and 2021, Google searches for Dogecoin spiked each time Musk tweeted in regards to the meme coin. In Could 2021, Decrypt reported that Dogecoin builders had even been in close contact with Musk about modifications he needed made to the code.

doge musk — Musk tweet on June 19 at 2:19 a.m. EST gave DOGE a right away enhance. (CoinMarketCap)

Extra not too long ago, Musk (together with Mark Cuban) has advocated for the use of DOGE for payments, which might make the joke coin an actual utility and fewer of a joke.

And in his current bid to buy Twitter, Musk has repeatedly stated one of many speedy options he’d implement is Dogecoin tipping (Twitter at present solely helps tipping in Bitcoin) and the acceptance of DOGE as fee for premium providers like Twitter Blue.

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It is onerous to see what would want to occur for DOGE to get again to 72 cents when it is sitting round a nickel, but when Musk retains pumping it, something is feasible.