Elon Musk Does It Again! Endorses Dogecoin, Says He'll Keep Buying The Meme Coin

Zinger Key Points
  • Elon Musk said he would keep supporting Dogecoin sending the meme coin's price up
  • Last week Musk was sued for $258 billion by a Dogecoin investor for allegedly running a "pyramid scheme." 

Tesla Inc TSLA CEO Elon Musk has again shown his support for Dogecoin DOGE/USD.

On Sunday, he went on Twitter to endorse Dogecoin, following the meme coin's price plunge in the last few days. DOGE is down over 12% in the past seven days. 

The Dogecoin rose almost 8.5% in 24 hours after Musk wrote that he would keep supporting Dogecoin. 

Responding to his tweet, one of his followers said he should keep buying the cryptocurrency. Musk replied that he was buying the meme coin.  

Also Read: Elon Musk Says Dogecoin Should Be 'More Currency-Like,' Responds To Billy Markus On Crypto's Future

The overall crypto market saw some movement after Musk's tweets. According to Coinmarketcap, and at the time of writing, Bitcoin BTC/USD was trading at about $19,674 on Sunday after dropping as low a $17,708.62 on Saturday. 

The Dogecoin was created in 2013 by Jackson Palmer and Billy Markus as a joke, but gained much popularity following Musk's endorsement of the meme coin.

On Saturday, Musk signaled that his companies would expand use cases for Dogecoin.

Dogecoin has made way for more meme coins such as Shiba Inu SHIB/USD, Dogelon Mars ELON/USD, Floki Inu FLOKI/USD, and many more. 

Last week, Musk was sued for $258 billion by a Dogecoin investor for allegedly running a "pyramid scheme." 
Photo: Created with an image from Ministério Das Comunicações  and Brian Bald on Flickr 

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