Elon Musk’s tweet about supporting Dogecoin hikes the cryptocurrency market

By Tista Karmakar Published on June 19, 2022, 15:56 IST

Elon Musk's tweet about supporting Dogecoin hikes the cryptocurrency market

Elon Musk says he will keep supporting Dogecoin on Twitter after tweeting “Happy Father’s Day” and “I love all my kids.” He has tweeted about supporting the dog-themed cryptocurrency which was created as a joke in 2013.

DOGE is a lighthearted alternative to traditional cryptocurrencies. It is based on a Shiba Inu meme and created in an abundant amount with 10.000 new coins mined every minute. In 2021 Dogecoin has become one of the top ten biggest cryptocurrencies with a market value of $50 billion. Unlike Bitcoin, there are about 130 billion Dogecoin circulating all over the world.

Mr. Musk has been a huge fan of Dogecoin. According to the reports he stated this year in January that his electric vehicle company Tesla would accept Dogecoin as payment for the company’s merchandise. This year in May he further stated that his space exploration company SpaceX would also accept Dogecoin as payments.

However, Mr. Musk initially accepted Bitcoins for Tesla cars but later he was reluctant to have them as payments due to environmental concerns.

Mr. Musk’s tweet on the 19th of June has reportedly hiked the value of Dogecoin by about 8.5% within just 24 hours. He said, “I will keep supporting Dogecoin.”

Another Twitter user wrote, “Keep buying it then,” to which Mr. Musk replied, “I am.”