Dogecoin has come a long way from being a meme-inspired coin to becoming a legitimate cryptocurrency. One of the reasons for the latter is Tesla CEO Elon Musk’s support for the coin, which will apparently continue despite the recent crypto market crash.
Musk recently took it on Twitter to publicly back Dogecoin by tweeting: “I’ll keep supporting Dogecoin.” One of the world’s wealthiest people also confirmed he’s buying more coins and asked about it in the replies.
As a result of Musk’s support, Dogecoin immediately got a bump in value. After being worth $0.057 on Friday and as low as $0.053 over the weekend, it has been trading for $0.060 on Monday morning.
It appears that other cryptocurrencies have benefited from Musk’s tweet as well. In the aftermath, most coins have seen a slight surge, including Bitcoin. Following a slip to $17,663 on Saturday, the world’s most popular coin is now again over the $20K mark.
Elon Musk has been proclaiming Dogecoin as one of his preferred coins since late 2020. He has been the main drive behind the coin’s value spike since then, often promoting it on his social media. Musk even announced in December 2021 that his company Tesla will accept the coin as a way of payment for Tesla-related merchandise.