Billionaire Elon Musk has been a huge supporter of Dogecoin, and he’s not shy about saying it. It was the SpaceX CEO’s tweets that sparked the bullish rally that saw the meme rally to $0.7 last year before beginning its slow downtrend. However, even with the fact that Dogecoin has apparently lost most of its earned value, Elon Musk has not backed away from his support for Dogecoin and explained why he loves it in a recent podcast.
Can’t you love him?
Elon Musk was a guest on “Full Send” where he talked about cryptocurrencies and Dogecoin in particular. The billionaire revealed that he still strongly supports the meme coin and took it a step further to explain why he is a staunch 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 played a significant role in its meteoric rise back in 2021. It also happens to be Musk’s favorite thing about cryptocurrency, explaining that it has “memes and dogs.” The dog part of this is quite prominent, given that Elon Musk himself has a pet Shiba Inu, the famous coin-related dog.
DOGE trending at $0.068 | Source: DOGEUSD on TradingView.com
The developers behind the cryptocurrency are also doing their best to develop the meme currency, which Musk has been fully supportive of. Dogecoin has made it into the spotlight by accepting it as a payment method, among other things.
Dogecoin struggles to maintain price
One thing that has faded over time is the effect of Musk’s comments on the price of Dogecoin. At the height of the race, every time the billionaire said or did something about Dogecoin, the price skyrocketed.
This has now changed in the fact that Musk’s actions no longer have a significant impact on the price of the digital asset. Case in point when he announced that his company Boring would accept Dogecoin for an underground ride in Vegas, pricing responded in a disappointing fashion. As it was at various times in the past.
Related reading: This is when a panel of experts on the researcher expects Dogecoin to reach $0.6
Dogecoin has recently taken another hit. The digital asset slipped to the 10th place on the list of the largest cryptocurrencies, which it held for a while. However, it has now fallen to the 11th position after Polkadot made a significant recovery and surpassed DOGE’s market capitalization.
Doge price continues to trend around $0.06, and while investors hope that the meme coin will see a recovery soon, the Finder board has predicted that Dogecoin may not see its former ATH over the next five years.
Featured image from, chart from TradingView.com
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