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Elon Musk Reaffirms Support for Dogecoin, DOGE Price Rallies

Sun, 12/04/2022 - 08:13
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Alex Dovbnya
Tesla CEO Elon Musk says that Twitter wants to make it easier to transact with cryptocurrencies
Elon Musk Reaffirms Support for Dogecoin, DOGE Price Rallies
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Tesla CEO Elon Musk reaffirmed his support for meme cryptocurrency Dogecoin during a recent conversation on Twitter Spaces. 

The controversial entrepreneur said “Dogecoin to the moon” when asked about the famed Bitcoin parody. 

Musk also said that the social media platform wanted to make it easier to transact with the top meme coin. 

The DOGE price is up nearly 5% over the past 24 hours, currently trading at $0.104 on the Binance exchange. It remains the eighth biggest cryptocurrency by market capitalization after surpassing Cardano (ADA). 

As reported by U.Today, Dogecoin experienced a significant price rally in October due to Musk completing the $44 billion acquisition of Twitter. The market expected the billionaire to make the $14 billion meme coin part of the platform. 

However, the price of Dogecoin slipped after Twitter reportedly shelved its plan to integrate a native cryptocurrency wallet following Musk’s takeover. 

Musk’s most recent comments should be reassuring for DOGE owners since they signal that the capricious billionaire doesn’t plan to abandon the meme coin just yet. 

Last year, in an interview with Time Magazine, Musk said that Dogecoin was better suited for transactions compared to Bitcoin. The controversial entrepreneur opined that the largest cryptocurrency wasn’t a good substitute for a transactional currency. 

Tesla and SpaceX started accepting Dogecoin for merchandise earlier this year. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at