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Elon Musk Is Buying More Dogecoin

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Sun, 19/06/2022 - 9:00
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Elon Musk Is Buying More Dogecoin
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Tesla CEO Elon Musk has taken to Twitter to reaffirm his support for Dogecoin amid a massive price plunge.

The centibillionaire has also confirmed that he’s buying more DOGE, giving the cryptocurrency a much-needed price boost.

The price of the Bitcoin parody soared nearly 13% on the Binance exchange because of Musk’s tweets. DOGE hit an intraday high of $0.05877.

Musk decided to show some love for Dogecoin after congratulating his followers on Father’s Day.

As reported by U.Today, Musk dubbed himself “The Dogefather” ahead of his “Saturday Night Live” hosting debut that took place in early May 2021 in a nod to “The Godfather,” one of the greatest movies of all time starring Hollywood legend Marlon Brando.

Musk’s much-hyped SNL appearance predictably marked the top of Dogecoin’s massive bull run.

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The meme cryptocurrency has now plunged 92.33% from its record peak of $0.73, becoming one of the worst-performing altcoins after bringing massive returns for its early investors.

Dogecoin’s massive price correction hasn’t dented Musk’s support for the meme cryptocurrency.

Tesla, the world’s largest e-car maker, made it possible for customers to buy merchandise with the help of the meme cryptocurrency earlier this year. On top of that, Musk also confirmed that SpaceX would also add the whimsical Bitcoin parody as payment for merch.

It seems like Musk won’t stop there. On Saturday, the entrepreneur signaled that his companies would expand use cases for Dogecoin.

Despite losing most of its value, Dogecoin remains the tenth biggest cryptocurrency by market capitalization.

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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