Billionaire Elon Musk has been Dogecoin’s biggest proponent, he’s not shy about saying it. It was indeed the tweet from the SpaceX CEO that sparked the bull rally that saw the meme coin hit a high of $0.7 last year before starting a slow decline. However, even though Dogecoin appears to have lost most of the value it gained, Elon Musk has not given up on Dogecoin and explained why he loves it in a recent podcast.
Kind of not to love?
Elon Musk was the guest on “Full Send” and he talked specifically about cryptocurrencies and Dogecoin. The billionaire revealed that he still strongly supports the meme coin, and further explained why he is so fanatical about it.
According to Musk, he mainly likes Dogecoin because of the theme behind it. It’s no secret that the meme culture surrounding cryptocurrencies has played a major role in 2021’s meteoric rise. It also happens to be Musk’s favorite thing about cryptocurrency, explaining that it has “memes and dogs.” Considering that Elon Musk himself has a Shiba Inu pet, the famous dog associated with coins, the dog part of this one stands out as well.
DOGE trending at $0.068 | Source: DOGEUSD on TradingView.com
The developers behind the cryptocurrency have also been doing their best to develop meme coins, which Musk has been fully supporting. Dogecoin has come into the limelight for being accepted as a payment method.
Dogecoin struggles to keep price
One thing that has disappeared over time is the impact of Musk’s comments on the price of Dogecoin. At the height of the bull market, every time the billionaire said or did something related to Dogecoin, the price surged dramatically.
That has now changed, as Musk’s actions no longer have much impact on the price of digital assets. One example was the disappointing price reaction when he announced that his Boring company would accept Dogecoin for underground rides in Las Vegas. For example, in different periods in the past.
Related reading: This is when a panel of discoverers expects Dogecoin to hit $0.6
Dogecoin has taken another hit recently. The digital asset dropped to No. 10 on the list of the largest cryptocurrencies it has held for a while. However, it has now fallen to 11th place after Polkadot recovered significantly and surpassed DOGE in market cap.
The price of Doge continues to hold around $0.06, and while investors are hopeful that the meme coin will recover soon, Finder’s panel predicts that Dogecoin may not see its previous ATH for the next five years.
Featured image from, chart from TradingView.com
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