I Will Keep Supporting Dogecoin, Says Elon Musk

by Bilal Jafar
  • DOGE jumped by almost 10% after Musk’s Tweet.
  • The crypto market witnessed a rebound on Monday.
dogecoin
FM

Elon Musk, who is currently facing a $258 billion lawsuit for an alleged Dogecoin pyramid scheme, recently announced his support for the meme coin. In a Tweet on 19 June, the world’s richest person mentioned that he will keep supporting DOGE.

Elon Musk’s interest in innovative technologies like crypto and blockchain is nothing new. He is the CEO of Tesla, a company that holds more than $1 billion worth of Bitcoin. On several occasions in the past, Musk highlighted the growing potential of Dogecoin as a currency.

“I will keep supporting Dogecoin,” Musk Tweeted on Sunday. The CEO of Tesla is currently holding Bitcoin, Ethereum and Dogecoin. Even during the latest market correction, Musk announced that he is not planning to sell his crypto assets.

After the recent support from the CEO of SpaceX, DOGE climbed by approximately 10%. With a market cap of almost $8 billion, Dogecoin is the 10th largest digital currency. DOGE is still the most valuable meme coin in the world. Shiba Inu (SHIB), known as the main competitor of DOGE, has a market cap of almost $4.5 billion.

Crypto Rebound

Since the start of June 2022, the crypto market cap has dropped significantly. Bitcoin and other digital assets plunged. While the crypto market witnessed a rebound of almost 10% on Monday, Simon Peters, Market Analyst at eToro, believes that there is not much room for optimism under the current market conditions.

“Valuations are severely depressed after a buoyant performance in the past 18 months. We’re now back in the region of valuations as they were in 2020, but prices are still moving above levels we saw just 18 months ago. In terms of pullback, crypto has been here before in relative terms. Bitcoin saw a pullback of around 84% from its highs in December 2017 to its low in December 2018. As things stand currently, from an ATH of around $69,000 to now trading around $20,000 is a 71% drawdown,” Peters said.

Elon Musk, who is currently facing a $258 billion lawsuit for an alleged Dogecoin pyramid scheme, recently announced his support for the meme coin. In a Tweet on 19 June, the world’s richest person mentioned that he will keep supporting DOGE.

Elon Musk’s interest in innovative technologies like crypto and blockchain is nothing new. He is the CEO of Tesla, a company that holds more than $1 billion worth of Bitcoin. On several occasions in the past, Musk highlighted the growing potential of Dogecoin as a currency.

“I will keep supporting Dogecoin,” Musk Tweeted on Sunday. The CEO of Tesla is currently holding Bitcoin, Ethereum and Dogecoin. Even during the latest market correction, Musk announced that he is not planning to sell his crypto assets.

After the recent support from the CEO of SpaceX, DOGE climbed by approximately 10%. With a market cap of almost $8 billion, Dogecoin is the 10th largest digital currency. DOGE is still the most valuable meme coin in the world. Shiba Inu (SHIB), known as the main competitor of DOGE, has a market cap of almost $4.5 billion.

Crypto Rebound

Since the start of June 2022, the crypto market cap has dropped significantly. Bitcoin and other digital assets plunged. While the crypto market witnessed a rebound of almost 10% on Monday, Simon Peters, Market Analyst at eToro, believes that there is not much room for optimism under the current market conditions.

“Valuations are severely depressed after a buoyant performance in the past 18 months. We’re now back in the region of valuations as they were in 2020, but prices are still moving above levels we saw just 18 months ago. In terms of pullback, crypto has been here before in relative terms. Bitcoin saw a pullback of around 84% from its highs in December 2017 to its low in December 2018. As things stand currently, from an ATH of around $69,000 to now trading around $20,000 is a 71% drawdown,” Peters said.

About the Author: Bilal Jafar
Bilal Jafar
  • 2440 Articles
  • 71 Followers
About the Author: Bilal Jafar
Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.
  • 2440 Articles
  • 71 Followers

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