Despite crypto values plummeting in yet another bloodbath this year, Elon Musk has praised Dogecoin, energizing supporters of the canine-themed coin.
Billy Markus, the co-founder of Dogecoin, tweeted on May 13th. He claims that he enjoys dogecoin because he understands how foolish it is. Elon Musk answered with an almost instantaneous retort. He believes it has currency potential. He was able to send the doge community into an upbeat frenzy with his statement.
On Twitter, Billy Markus identifies as Shibetoshi Nakamoto. DOGE was co-founded by him and Jackson Palmer, a former Adobe software engineer. Markus abandoned DOGE years ago, despite advocating it on the sidelines. He highlighted negative events such as frauds and the society taken over by a “sociopath”.
Musk’s response, which has over 50k likes as of this writing, got a lot of attention among Dogecoin supporters. These are the people who hoped it would raise the price of DOGE.
While it’s amusing that the price of DOGE has dropped by around 87 percent since Musk presented Saturday Night Live (SNL). Due to his pro-growth beliefs on the cryptocurrency, the Tesla co-founder has become a top advocate for the coin after shilling it last year.
Superior Digital Form of Payment
Musk was selected the 2021 Person of the Year in an interview with TIME Magazine. In comparison to Bitcoin, he lauded DOGE as a preferable method of digital payment. Later that year, he stated that Tesla would begin taking cryptocurrency payments for items. He also intended to do the same for Starlink.
The billionaire bought a large interest in Twitter last month. He revealed plans to buy the company for $44 billion and take it private on April 25th. On the rumor that he might include DOGE as a payment option on Twitter, DOGE soared 34%. While these are merely rumors, Musk has previously expressed interest in developing a Dogecoin-centered digital wallet or a full-fledged DOGE-based payment network that would be free to Twitter users.
Contribution on Price Rebound
While it is difficult to predict price direction, it is safe to assume that Musk will contribute to a price rebound. This will happen as long as he keeps shining the coin in a positive light.
DOGE is currently trading at $0.09 as of this writing. This was after the stock dropped to $0.07 on Friday. It also came after a market-wide sell-off sparked by UST’s depegging.