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Billionaire Elon Musk has been Dogecoin’s biggest supporter, and he hasn’t been shy about saying so. It was indeed the SpaceX CEO’s tweets that sparked the bull rally that saw the meme coin hit a high of $0.7 last year before beginning its slow downtrend. However, even with Dogecoin seemingly losing most of its earned value, Elon Musk has not wavered in his support for Dogecoin and explained why he loves it in a recent podcast.
What’s not to love?
Elon Musk was a guest on “Full Send” where he talked about cryptocurrencies and Dogecoin in particular. The billionaire revealed that he still strongly supports the meme currency and took it a step further to explain why he was such a staunch supporter of it.
According to Musk, he mainly likes Dogecoin because of the theme behind it. It’s no secret that the meme culture surrounding the cryptocurrency had played a major role in its meteoric rise in 2021. It also happens to be Musk’s favorite thing about the cryptocurrency, explaining that it has “memes and dogs.” The dog in it is just as important, given that Elon Musk himself has a pet Shiba Inu, which is the famous dog associated with the coin.
DOGE trending at $0.068 | Source: DOGEUSD on TradingView.com
The developers behind the cryptocurrency have also done their best to develop the meme coin, which Musk has fully supported. Dogecoin rose to prominence as it was accepted as a payment method, among other things.
Dogecoin is struggling to hold the price
One thing that has faded over time is the impact Musk’s comments had on Dogecoin’s price. At the height of the bull run, every time the billionaire said or did something related to Dogecoin, the price skyrocketed.
This has now changed to the fact that Musk’s actions no longer greatly affect the price of the digital asset. An example is when he announced that Boring’s company would accept Dogecoin for underground rides in Vegas, the price responded in a disappointing way. As was the case at different times in the past.
Related Read: Here’s When Finder’s Expert Team Expects Dogecoin To Hit $0.6
Dogecoin recently took another hit. The digital asset had dropped to the 10th spot on the list of biggest cryptocurrencies, which it held for a while. However, it has now fallen to 11th place after Polkadot made a remarkable recovery and surpassed DOGE’s market cap.
The price of Doge continues to hover around $0.06 and while investors remain hopeful that the meme coin will recover soon, Finder’s panel has predicted that Dogecoin may not see its previous ATH for the next five years .
Featured image from, chart from TradingView.com
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