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Dogecoin Gets Some Love From Musk
Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes. Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.“I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.”
DOGE total market cap at $8.5 billion on the weekend chart | Source:
Musk Social Media Comments Move DOGE
Dogecoin frequently varies in response to Musk’s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off. The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live. Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.” Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.” Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.Suggested Reading | Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil
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