Elon Musk Cryptocurrency Dogecoin: Tesla and SpaceX CEO Elon Musk reiterated his support for meme coin cryptocurrency Dogecoin, albeit evasively, at this year’s Qatar Economic Forum in Doha.
“I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people,” he said, in a video interview with Bloomberg News Editor-in-Chief John Micklethwait.
Musk claimed in the interview that it was his own employees who asked him to champion Dogecoin, or in his words: “just people when I walk around the factory at SpaceX or Tesla, they've asked me to support Dogecoin, so I'm doing so.”
Elon Musk still buying dogecoin despite cryptocurrency crash
Billionaire Elon Musk hasn’t abandoned his support of the meme token dogecoin despite the collapsing prices of bitcoin and other leading cryptocurrencies.
The Tesla CEO indicated that he is adding to his dogecoin stake, even as other investors dump their cryptocurrency and other risky assets in response to the Federal Reserve’s move to tighten monetary policy through interest rate hikes.
“I will keep supporting Dogecoin,” Musk tweeted on Sunday.
When a Twitter user replied by saying Musk should “keep buying it” to show his support, the billionaire replied, “I am.”
Dogecoin’s price was up more than 4% to about $0.06 per token on Monday following Musk’s tweets. The meme token also rose nearly 10% on Sunday. However, dogecoin’s price is still down more than 90% since hitting its all-time high of $0.74 in May 2021.
Musk has emerged as a major backer of bitcoin, dogecoin and other cryptocurrencies in recent months despite their propensity of volatile trading.
Dogecoin has regularly surged in value when Musk speaks publicly about his interest. Last year, the price surged ahead of Musk’s appearance as a guest-host on “Saturday Night Live, hitting its all-time high before quickly dipping once the episode aired. Elon Musk Cryptocurrency Dogecoin