In a recent conversation on Twitter Spaces, Elon Musk, the CEO of Tesla, said that he still believes in Dogecoin, a cryptocurrency based on a meme.
When asked about the well-known Bitcoin parody, the controversial entrepreneur responded, “Dogecoin to the moon.”
Musk added that the leading meme coin would be made more accessible on the social media platform.
Over the past 24 hours, the price of DOGE has increased by nearly 5%, reaching $0.104 on the Binance exchange. When measured by market cap, it has now surpassed Cardano and remains the eighth largest cryptocurrency (ADA).
Due to Musk’s successful $44 billion acquisition of Twitter in October, the price of Dogecoin saw a significant increase. The $14 billion meme coin was widely anticipated to be integrated into the platform by the billionaire.
Nonetheless, after Musk took over Twitter, the value of Dogecoin dropped, and rumors spread that Twitter had abandoned plans to introduce a native cryptocurrency wallet.
Musk’s recent comments show that the erratic billionaire has no immediate plans to stop backing the meme coin.
During an interview with Time Magazine last year, Musk favored Dogecoin over Bitcoin for transactions. The founder of a controversial company said that the top cryptocurrency wasn’t a good replacement for a fiat currency.
Earlier this year, Tesla and SpaceX began accepting Dogecoin as payment for their products.
Source: U.today
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