Elon Musk’s Support Helps Dogecoin Gain 17% Amid Slow Market

Elon Musk’s Support Helps Dogecoin Gain 17% Amid Slow Market

The cryptocurrency market is responding to the momentum of Dogecoin, and Shiba Inu has been building over recent days. After Elon Musk came out supporting them on Sunday, both cryptocurrencies had a strong day of trading today.

The value of Dogecoin rose more than 15% in morning trade on Wednesday, according to CoinMarketCap data

The meme coin rose to a 24-hour high of $0.06932 before paring early gains and trading up 5%.4% at US$0.06327.

Memecoin Shiba Inu was up more than 20% at US$0.000009805 in early trade on Wednesday. It was last up 3.6% at US$0.02855.

On this occasion, the increase seen in DOGE and SHIB seems to be associated with the recent statements issued by the CEO of Tesla and SpaceX, Elon Musk, who reiterated his personal support for Dogecoin.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

Elon Musk's Interview

In an interview with Bloomberg News editor-in-chief John Micklethwait at the Qatar Economic Forum, Elon Musk said

"  I have never said that people should invest in cryptocurrencies. In the case of Tesla, SpaceX, and I… we all buy some Bitcoin, but it's a small percentage of our cash and cash assets…  I also bought some Dogecoin, and Tesla accepts Dogecoin for some merchandise, and SpaceX will do the same… And I intend to personally support Dogecoin because I know many people who are not that rich who have encouraged me to buy and support Dogecoin; So, I am responding to those people… Only people when I walk through the factory in SpaceX or Tesla, have asked me to support Dogecoin; so I'm doing it ." 

Elon Musk and Dogecoin

It is no secret to anyone that Musk considers himself a true fan of digital currency, expressing his support on several occasions through messages posted on his social networks.

His support has been such that even its flagship companies, Tesla and SpaceX, accept payments with DOGE for some products of the respective brands.

The tycoon has gone much further in supporting Doge, even reaching out to its development team to provide advice and recommendations for improving the digital currency and its network. However, the main developers of the project have respectfully rejected Musk's call, stating that they want the project to be free of private interests.

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