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

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

Tesla Inc (: TSLA) CEO Elon Musk has again shown his support for (CRYPTO: DOGE).

On Sunday, he went on Twitter (NYSE:) 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, (CRYPTO: BTC) 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 (CRYPTO: SHIB), Dogelon Mars (CRYPTO: ELON), Floki Inu (CRYPTO: FLOKI), 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

© 2022 Benzinga does not provide investment advice. All rights reserved.

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