Elon Musk continues to support Dogecoin

The allegations against Elon Musk and his $258 billion Tesla and SpaceX companies have not stopped the world’s richest man from declaring his love and support for Dogecoin. The price of the memecoin DOGE has seen a 12% pump in the last 24 hours. 

Elon Musk says he will continue to support Dogecoin

A few days ago, Elon Musk and his companies Tesla and SpaceX were sued by an investor for $258 billion for an alleged pyramid scheme on Dogecoin. 

Apparently, the lawsuit didn’t stop the world’s richest man from declaring his love and support for his favourite crypto meme, Dogecoin (DOGE). Here are his words on Twitter: 

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

“I will keep supporting Dogecoin”.

In response to a comment, Musk also stated that he will continue to buy them, with Billy Marcus, co-founder of the crypto, following up the conversation with the following:

you’ve always been earnest about supporting the coin for what i consider the right reasons – you find it amusing, appreciate the satire and irony, and you think it has potential as a currency – and your companies accept it for merch, giving it more utility

— Shibetoshi Nakamoto (@BillyM2k) June 19, 2022

“you’ve always been earnest about supporting the coin for what i consider the right reasons – you find it amusing, appreciate the satire and irony, and you think it has potential as a currency – and your companies accept it for merch, giving it more utility”.

The DOGE price pump: +12% in the last 24 hours

Partly reflecting the general trend of major cryptocurrencies, and partly coincidentally, following Musk’s tweet at 8:20 AM (CET) yesterday, the price of DOGE started to rise. 

So far, the price of DOGE has pumped 12% in the last 24 hours, rising from $0.052 yesterday to $0.057. Moreover, during the price climb, it had also touched $0.062 during yesterday evening. 

The tenth crypto by market cap also followed the general bullish trend of crypto such as Bitcoin (BTC) and Ethereum (ETH), which have posted a 10% and 13% price pump in the past 24 hours, respectively. 

BTC rose from $18K to $19.83K, touching $20,683 last night. ETH on the other hand rose from $944 to $1068, touching $1139 last night. 

With more than 7 billion in total market capitalization, Dogecoin remains among the top 10 crypto with a dominance of 0.88% over the entire cryptocurrency market.