Crypto

Dogecoin Is Elon Musk’s Favorite Cryptocurrency, Here’s Why

Billionaire Elon Musk has actually been Dogecoin’s most significant fan, and he has actually not been shy to state it. It was certainly the SpaceX CEO’s tweets that activated the bull rally that saw the meme coin struck a high of $0.7 in 2015 prior to beginning its sluggish sag. However, even with the truth that Dogecoin has actually relatively lost the majority of its gotten worth, Elon Musk has actually not relented on his assistance for Dogecoin and discussed why he enjoys it in a current podcast.

What’s Not To Love?

Elon Musk was a visitor on the “Full Send” where he spoke about cryptocurrencies and Dogecoin in specific. The billionaire exposed that he was still highly in assistance of the meme coin and took it an action even more to discuss why he was such a devoted fan of it.

According to Musk, he generally likes Dogecoin due to the style behind it. It is obvious that the meme culture around the cryptocurrency had actually played a crucial function in its meteoric increase back in 2021. It likewise occurs to be Musk’s preferred feature of the cryptocurrency, describing that it has “memes and dogs.” The pet part of this is simply as popular, considered that Elon Musk himself has a Shiba Inu animal, which is the well-known pet connected with the coin.

DOGE trending at $0.068 | Source: DOGEUSD on TradingView.com

The designers behind the cryptocurrency have actually likewise been doing their finest to establish the meme coin, something that Musk has actually remained in complete assistance of. Dogecoin has actually made it onto the spotlight by being accepted as a mode of payment, to name a few things.

Dogecoin Struggles To Hold Price

One thing that has actually faded gradually is the effect that Musk’s remarks had on the rate of Dogecoin. At the height of the bull run, whenever the billionaire stated or did something in relation to Dogecoin, the rate skyrocketed enormously.

This has actually now altered in the truth that Musk’s actions no longer hold much sway over the digital possession’s rate. An example is when he revealed that his Boring business would be accepting Dogecoin for underground flights in Vegas, the rate reacted in a frustrating method. Such as held true at various times in the past.

Related Reading: Here’s When A Finder’s Panel Of Experts Expect Dogecoin To Reach $0.6

Dogecoin has actually just recently taken another hit. The digital possession had actually been up to 10th put on the list of biggest cryptocurrencies, which it had actually held for a while. However, it has actually now been up to 11th location after Polkadot made an amazing healing and went beyond the marketplace cap of DOGE.

Doge’s rate continues to trend around $0.06, and while financiers hold out hope that the meme coin will stage a healing quickly, a Finder’s panel has actually anticipated that Dogecoin might not be seeing its previous ATH for the next 5 years. 

Featured image from, chart from TradingView.com

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Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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