Dogecoin still has ‘potential as a currency’, says Elon Musk. And thus he gives a rather surprising DOGE bullish signal after huge Bitcoin, Ethereum, Luna and other crypto price crash.
The ongoing crypto crash has wiped almost $1 trillion from the combined crypto market.
We’ve had some terrible signs of the real crypto winter here, with Bitcoin dipping to $26,000 – its lowest point since 2020, and Luna being almost eliminated since the prices fell by 99% and the Terra’s blockchain was effectively turned off.
Altcoins have been in a major trouble too. Some of the altcoins have fallen so badly that many people publicly swear on Twitter never to be buying them again.
Dogecoin is one of them. The popular meme coin lost 23% of its value during this bloodbath.
But there is a man who is still rather bullish about Dogecoin.
His name is Elon Musk.
Why is Elon Musk bullish about Dogecoin?
Elon Musk, genius, billionaire, playboy, philanthropist.
He leads Tesla and SpaceX. He wants to buy Twitter. And he is a long-time Dogecoin supporter.
Now, amidst the biggest crypto crash in history Elon Musk once again pledged support for Dogecoin. Which immediately led to a 20% price hike for DOGE.
“Dogecoin has potential as a currency,” Musk posted to Twitter, replying to dogecoin co-creator Billy Markus who had written, “the reason I like Dogecoin is because it knows it is stupid.”
The Dogecoin price has rallied over recent weeks following news of Musk’s $44 billion bid to take Twitter private. Rumors were spreading that Elon Musk could move to embed Dogecoin into Twitter, potentially using it for payments on the platform.
However, dogecoin has fallen almost 90% since it reached an all time high of over 70 cents amid a Musk and high-profile investor fueled rally last year.
Last month, Musk said he’d target crypto scams and bots if he does manage to take Twitter private and also suggested Twitter Blue’s subscription fee could be payable in dogecoin.
Future of Dogecoin
Actually with the help of Musk’s tweet Dogecoin is now once again a top ten cryptocurrency. At the time of writing, it’s worth $0.4 which is rather low compared to $0.68 we saw a month ago.
Some people do see the “stupid” Dogecoin as an actual Bitcoin rival. And for some reason Musk is one of them.
His tweets obviously provide some level of protection against the meltdown that was caused by the Federal Reserve interest rate hike.
We don’t know if he has some plans for DOGE or just wants to have some fun. The fact remains – Elon Musk wants to save Dogecoin. And is actually doing this.