Dogecoin Goes Up 8% After Elon Musk Says He’ll Keep Buying

Everyone already knows that when Elon Musk, who was once called the “Dogefather,” says anything about Dogecoin, the markets move. This time around, though, in a world where Bitcoin and Ethereum are both down 30% (with Bitcoin hitting lows on levels not seen since as far back as 2017), with the crypto market cap slashed to US$830 million, even that seemed extra silly.

But apparently not. Dogecoin jumped 8%, with the value going up to US$0.058, after Musk said that he will keep supporting his favorite cryptocurrency.

This comes shortly after Musk was hit with US$258 million dollar lawsuit for pushing what was originally supposed to be a joke coin. The lawsuit alleges that Dogecoin “is not a currency, stock, or security. It’s not backed by gold, other precious metal, or anything at all” after Musk has allowed customers to use the token to buy merch from Tesla and more recently, SpaceX.

Musk was recently called “a grifter” by Dogecoin co-founder Jackson Palmer for how he’s selling his vision and not much else. Co-founder Billy Markus meanwhile responded to Musk’s tweet and recognized his support.


Information for this briefing was found via Twitter and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

No, Elon Musk, Twitter Use Is Not At All-Time High

Twitter’s power users are still visiting the app, but fewer are posting since Elon Musk’s...

Friday, May 19, 2023, 03:14:00 PM

What’s Next For Musk’s Twitter: New CEO, Longer Tweets, “Extremely Hardcore” Management

Elon Musk stated on Wednesday that he expects to spend less time at Twitter and...

Thursday, November 17, 2022, 10:43:00 AM

Why NBCUniversal’s Linda Yaccarino Makes Sense As New Twitter CEO (But Only For Elon Musk)

NBCUniversal’s head of advertising, Linda Yaccarino, is reportedly in talks to become the new CEO...

Friday, May 12, 2023, 08:57:38 AM

Elon Musk Fights Population Decline, Has Three Children In 2021

Elon Musk, the wealthiest person on Earth, has a lot going on. It seems that...

Thursday, July 7, 2022, 02:18:00 PM

Elon Musk Now Only Values Twitter At $20 Billion As Firm Demands GitHub To Identify Source Code Leaker

According to an email addressed to the company’s employees on Friday, Elon Musk stated that...

Monday, March 27, 2023, 04:03:00 PM