Because the current crypto rout continues, Bitcoin and Ethereum are each down 30% over the previous week and all the crypto market cap fell to $830 billion. However Elon Musk declared he’ll “hold supporting Dogecoin.”
That was sufficient to make DOGE spike 8% to $0.058.
I’ll hold supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
In fact, 5.8 cents is a far cry (a 91% drop, to be exact) from the 72 cents Dogecoin touched in Might of final 12 months, when Musk hosted “Saturday Night time Stay” and Dogecoin received a point out in his opening monologue and on Weekend Replace. (“It is a hustle,” Musk responded to Michael Che’s query about DOGE.)
Musk has been Dogecoin’s most high-profile cheerleader since April 20190 when he tweeted, “Dogecoin could also be my fav cryptocurrency.” All through 2020 and 2021, Google searches for Dogecoin spiked each time Musk tweeted in regards to the meme coin. In Might 2021, Decrypt reported that Dogecoin builders had even been in close contact with Musk about adjustments he wished made to the code.
Extra not too long ago, Musk (together with Mark Cuban) has advocated for the use of DOGE for payments, which might make the joke coin an actual utility and fewer of a joke.
And in his latest bid to buy Twitter, Musk has repeatedly stated one of many fast options he’d implement is Dogecoin tipping (Twitter presently solely helps tipping in Bitcoin) and the acceptance of DOGE as cost for premium providers like Twitter Blue.
It is laborious to see what would wish to occur for DOGE to get again to 72 cents when it is sitting round a nickel, but when Musk retains pumping it, something is feasible.
Need to be a crypto knowledgeable? Get the very best of Decrypt straight to your inbox.
Get the largest crypto information tales + weekly roundups and extra!
