Billionaire Elon Musk has been Dogecoin’s biggest supporter, and he hasn’t been shy about saying it. It was indeed the SpaceX CEO’s tweets that sparked the bullish rally that saw the coin meme reach a high of $0.7 last year before beginning its slow downward trend. However, even with the fact that Dogecoin has seemingly lost most of its earned value, Elon Musk didn’t give up on his support for Dogecoin and explained why he loves it in a recent podcast.
What’s not to like?
Elon Musk was a guest on the “Full Send” where he talked about crypto-currencies and Dogecoin in particular. The billionaire revealed that he is still strongly in favor of the meme coin and went further to explain why he is a strong supporter of it.
According to Musk, he mainly likes Dogecoin because of the theme behind it. It’s no secret that meme culture around cryptocurrency has played a big part in his meteoric rise in 2021. It also happens to be Musk’s favorite thing about crypto. currency, explaining that she has “memes and dogs.” Equally important is the dog part, given that Elon Musk himself has a pet Shiba Inu, which is the famous dog associated with the part.
DOGE trending at $0.068 | Source: DOGEUSD on TradingView.com
The developers behind the cryptocurrency also did their best to develop the meme coin, something Musk fully supported. Dogecoin has made a name for itself by being accepted as a form of payment, among other things.
Dogecoin struggles to maintain its price
One thing that has faded over time is the impact of Musk’s comments on the price of Dogecoin. At the height of the bull run, every time the billionaire said or did something related to Dogecoin, the price skyrocketed.
This has now changed in that Musk’s actions no longer have much influence on the price of the digital asset. An example is when he announced that his company Boring would accept Dogecoin for underground rides in Vegas, the price responded disappointingly. As has been the case at different times in the past.
Related Reading: Here’s When a Researcher’s Expert Panel Expects Dogecoin to Hit $0.6
Dogecoin recently took another hit. The digital asset had fallen to 10th place on the list of largest cryptocurrencies, which it had held for some time. However, it has now fallen to 11th place after Polkadot made a remarkable recovery and surpassed DOGE’s market cap.
Doge’s price continues to hover around $0.06, and while investors are hoping for the coin to recover soon, a Finder panel has predicted that Dogecoin may not see its previous ATH for the next five years. years.
Featured image from, chart from TradingView.com
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