One of the most well-known satirical cryptocurrencies, Dogecoin, is having a great day right now. When this article was published, the cryptocurrency was up 13%. Elon Musk, the CEO of Tesla, made the decision shortly after reiterating his support for cryptocurrencies on Tuesday at the Qatar Economic Forum in Doha.
According to Bloomberg News, Musk told attendees at the Qatar Economic Forum that he backs it because “people who are not very affluent” have asked him to.
During the event, Musk said in an interview with John Micklethwait.
“I simply know many people who are not that affluent but have urged me to purchase and promote Dogecoin. I’m responding to those individuals.
A dedicated community and creative memes helped the 2013 joke coin swiftly grow into a significant cryptocurrency.
Unlike other cryptocurrencies, Dogecoin has no cap on the maximum amount of DOGE units that may be created, making it susceptible to devaluation.
The price of Dogecoin in 2017 was $0.0003. By June 1, 2022, its cost had increased by roughly 40,000% to $0.10. According to Coingecko data, the price of DOGE is currently $0.063348, up more than 14% as of this writing.
Additionally, Musk mentioned that his team had asked him to promote the coin. The billionaire stated that he was endorsing Dogecoin because “they asked me to do so.”
The creator of SpaceX has said that he supports additional cryptocurrencies in addition to Dogecoin. Musk claimed to hold Bitcoin, Ether, and DOGE in October.
The choice was taken soon after Tesla CEO Elon Musk reiterated his support for cryptocurrencies on Tuesday at the Qatar Economic Forum in Doha.
The 2013 joke coin quickly developed into a substantial cryptocurrency thanks to a committed community and inventive memes.
Dogecoin is subject to devaluation because, unlike other cryptocurrencies, there is no limit on the total number of DOGE units that may be generated.
Musk reportedly told delegates at the Qatar Economic Forum that he is supporting it because “people who are not very wealthy” have requested him to. This is according to Bloomberg News.
Musk’s opinions on Dogecoin frequently cause it to fluctuate. After the CEO announced that, despite a significant cryptocurrency sell-off, he will continue to promote and purchase the meme token, it increased 8.5 per cent in 24 hours on Monday from nearly record lows.
Read more:-
- Food Stamps: 33 States Are Providing an Additional $95 in SNAP Payments
- 11 Expert-recommended SNAP Benefit Shopping Tips
- Food Stamp Recipients in Six States Will Receive an Extra $95 in Snap Payments in July — Discover Whether Your State Is on the List
After Musk labelled it a “hustle” on Saturday Night Live, the dog-themed currency crashed in May of last year.
According to a recent statement by Musk, Dogecoin may compete with Bitcoin and be used for payments. Tesla announced in January that it would start taking Dogecoin payments for a select number of its items, with the implication that more could be added: “down the line.”
Last week, a Dogecoin investor sued Musk for $258 billion, claiming the businessman was engaged in a “pyramid scheme through pushing Dogecoin cryptocurrency.”
Musk said last week that cryptocurrency payments might be integrated into the network if his quest to acquire Twitter is successful.
