Billionaire Elon Musk has been Dogecoin’s biggest supporter, and he has not been shy to say it. It was indeed the SpaceX CEO’s tweets that triggered the bull rally that saw the meme coin hit a high of $0.7 last year before starting its slow downtrend. However, even with the fact that Dogecoin has seemingly lost most of its gained value, Elon Musk has not relented on his support for Dogecoin and explained why he loves it in a recent podcast.
What’s Not To Love?
Elon Musk was a guest on the “Full Send” where he talked about cryptocurrencies and Dogecoin in particular. The billionaire revealed that he was still strongly in support of the meme coin and took it a step further to explain why he was such an avid supporter of it.
According to Musk, he mainly likes Dogecoin due to the theme behind it. It is no secret that the meme culture around the cryptocurrency had played an important role in its meteoric rise back in 2021. It also happens to be Musk’s favorite thing about the cryptocurrency, explaining that it has “memes and dogs.” The dog part of this is just as prominent, given that Elon Musk himself has a Shiba Inu pet, which is the famous dog associated with the coin.
DOGE trending at $0.068 | Source: DOGEUSD on TradingView.com
The developers behind the cryptocurrency have also been doing their best to develop the meme coin, something that Musk has been in full support of. Dogecoin has made it onto the limelight by being accepted as a mode of payment, among other things.
Dogecoin Struggles To Hold Price
One thing that has faded over time is the impact that Musk’s comments had on the price of Dogecoin. At the height of the bull run, every time the billionaire said or did something in relation to Dogecoin, the price soared tremendously.
This has now changed in the fact that Musk’s actions no longer hold much sway over the digital asset’s price. An example is when he announced that his Boring company would be accepting Dogecoin for underground rides in Vegas, the price responded in a disappointing way. Such as been the case at different times in the past.
Related Reading: Here’s When A Finder’s Panel Of Experts Expect Dogecoin To Reach $0.6
Dogecoin has recently taken another hit. The digital asset had fallen to 10th place on the list of largest cryptocurrencies, which it had held for a while. However, it has now fallen to 11th place after Polkadot made a remarkable recovery and surpassed the market cap of DOGE.
Doge’s price continues to trend around $0.06, and while investors hold out hope that the meme coin will stage a recovery soon, a Finder’s panel has forecasted that Dogecoin may not be seeing its previous ATH for the next five years.
Featured image from, chart from TradingView.com
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Source: https://bitcoinist.com/dogecoin-is-elon-musks-favorite-cryptocurrency-heres-why/