Dogecoin pumps 8% after Elon Musk says he’s still buying

As the current crypto routine continues, both Bitcoin and Ethereum are down 30% over the past week, and the total crypto market cap has fallen to $830 billion. But Elon Musk stated that he will “continue to support Dogecoin”.

That was enough to send DOGE up 8% to $0.058.

Of course, 5.8 cents is a far cry (a 91% drop, to be precise) from the 72 cents Dogecoin touched in May of last year, when Musk hosted “Saturday Night Live” and mentioned Dogecoin in his opening monologue and whatnot was weekend update. (“It’s a rush,” Musk responded to Michael Che’s question about DOGE.)

Musk has been Dogecoin’s most prominent cheerleader since April 2019, when he tweeted, “Dogecoin might be my favorite cryptocurrency.” Throughout 2020 and 2021, Google searches for Dogecoin skyrocketed every time Musk tweeted about the meme coin. in May 2021, decrypt reported that Dogecoin developers were even in close contact with Musk about changes he wanted to make to the code.

The Musky tweet on June 19 at 2:19 p.m. EST gave DOGE an instant boost. (CoinMarketCap)

More recently, Musk (along with Mark Cuban) has advocated using DOGE for payments, which would make the hoax coin a real utility and less of a joke.

And in his recent bid to buy Twitter, Musk has repeatedly said that one of the immediate features he would implement is tipping Dogecoin (Twitter currently only supports tipping in Bitcoin) and accepting DOGE as a payment for Premium -Services like Twitter Blue.

It’s hard to imagine what would have to happen for DOGE to get back to 72 cents when it’s down a nickel, but if Musk keeps pumping, anything is possible.

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