Dogecoin Pumps 8% After Elon Musk Says He's Still Buying💥

As Bitcoin and major altcoins are getting hammered amid the crypto market crash, Dogecoin rose over 10% from near-record lows on Sunday after Tesla CEO Elon Musk said he would continue to buy the cryptocurrency. In under 24 hours, the coin surged 8% to $0.058 after Musk tweeted, "I will keep supporting Dogecoin."

Musk responded to a follower who inquired if he would continue to buy Dogecoin as well by saying that he would. Musk's tweets drove Dogecoin to rise nearly 10% in an hour to $0.056, helping to compensate for the cryptocurrency's steep drops over the last month, which have seen it fall from a high of roughly $0.74.

Musk's involvement with Dogecoin

Dogecoin was created as a joke by its developers, but it has gained popularity since Musk became a supporter of the coin in 2019. Musk, dubbed 'Dogefather,' has long been an outspoken supporter of Dogecoin, tweeting multiple times in the past to encourage the digital token's price rise.📉

Musk stated earlier this year that Dogecoin would be accepted as payment at Tesla's supercharging stations. Tesla accepts Dogecoin in its online store, and there have been rumours that the currency will be accepted as a means of payment for Tesla vehicles in the future. Last month, Musk announced that SpaceX, his rocket company🚀, would follow Tesla in accepting Dogecoin for merchandise, which temporarily boosted the price of Dogecoin.🚀

Musk has repeatedly indicated in his recent bid to buy Twitter that one of the first features he'd install is Dogecoin tipping (Twitter only supports tipping in Bitcoin) and the use of DOGE as payment for premium services like Twitter Blue.

What does this mean for Dogecoin Investors?🤔

Musk's recent tweet about his support for Dogecoin is a good sign for investors during this market period📊. Since Musk's tweet and words have seen the cryptocurrency skyrocket and drop significantly. It's difficult to see what would occur for Dogecoin to get back to its All-Time High (ATH) of $0.72 when the current price is hovering around a nickel, but if Musk keeps talking about it, which results in pumping, anything is possible.🌠

Conclusion

Elon Musk is undoubtedly an investment influencer, and his consistent influence on the price of Dogecoin is proof. How far Elon Musk's influence will further increase the price of Dogecoin is unpredictable. Hopefully, the trend of influencing prices via tweets is here to stay, and Musk may have more tweets up his sleeve. We will have to wait and see.

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