Billionaire Elon Musk hasn’t abandoned his support of the meme token dogecoin despite the collapsing prices of bitcoin and other leading cryptocurrencies.
The Tesla CEO indicated that he’s adding to his dogecoin stake, at the same time as other investors dump their cryptocurrency and other dangerous assets in response to the Federal Reserve’s move to tighten monetary policy through rate of interest hikes.
“I’ll keep supporting Dogecoin,” Musk tweeted on Sunday.
When a Twitter user replied by saying Musk should “keep buying it” to point out his support, the billionaire replied, “I’m.”
Dogecoin’s price was up greater than 4% to about $0.06 per token on Monday following Musk’s tweets. The meme token also rose nearly 10% on Sunday. Nonetheless, dogecoin’s price remains to be down greater than 90% since hitting its all-time high of $0.74 in May 2021.
Musk has emerged as a serious backer of bitcoin, dogecoin and other cryptocurrencies in recent months despite their propensity of volatile trading.
Dogecoin has frequently surged in value when Musk speaks publicly about his interest. Last yr, the value surged ahead of Musk’s appearance as a guest-host on “Saturday Night Live, hitting its all-time high before quickly dipping once the episode aired.
Elon Musk has repeatedly backed cryptocurrencies despite their volatility.Getty Images for The Met Museum/
Dogecoin is down greater than 90% from its all-time high.NurPhoto via Getty Images
Earlier this yr, Musk revealed that Tesla had begun accepting dogecoin as payment for some merchandise in its online store. SpaceX is slated to simply accept dogecoin within the near future.
Musk has also floated the chance that some Twitter users will have the opportunity to make use of dogecoin for transactions inside 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 firms could accept the cryptocurrency for other items in the longer term.
“Tesla and SpaceX merch, perhaps more down the road,” he said.
Tesla accepts dogecoin as payment in its online store.Bloomberg via Getty Images
Musk’s latest tweets on dogecoin got here just days after the tech billionaire was slapped with a $258 billion federal lawsuit which alleged that he and his firms “are engaged in a crypto pyramid scheme by means of dogecoin cryptocurrency.”
As The Post reported, the plaintiff, Keith Johnson, desires to represent a category of people that have lost money investing in dogecoin.
Top crypto tokens have plunged in tandem with traditional stocks this yr as investors brace for the potential of a recession.
Last week, Musk reacted with a single word when bitcoin fell below $21,000 for the primary time since December 2020.
“Cryptonight,” Musk tweet.