Current marketplace position of the token
While all the major cryptocurrencies have taken a beating, Tesla CEO Elon Musk recently stated that he would continue to promote Dogecoin. Dogecoin is a currency that he has endorsed for years. Dogecoin currency recently fell from a peak of roughly $0.74 to a little over $0.05 in current days. This phenomenon occurred during the crypto winter. While Musk declared, “I will keep supporting Dogecoin” in a Twitter post on Sunday. DOGE jumped 8% to $0.058 as a result of the news.
The unbreakable bond between Elon Musk and DOGE
Musk is often referred the “Dogefather” in the crypto world. He has traditionally been a strong supporter of the DOGE cryptocurrency. His tweets have encouraged the price of the digital token to rise multiple times. Musk has indeed been Dogecoin’s greatest high-profile advocate as of 2019. Google searches for Dogecoin surged in 2020 and 2022 because of Musk’s Twitter posts. Musk (including Mark Cuban) has lately campaigned for the usage of DOGE for transactions. This might turn the meme currency into a genuine service and much less of a joke. He has consistently stated that the first thing he would introduce if he purchased Twitter would be a Dogecoin donation.
Elon Musk pointed out earlier this year that Dogecoin will be accepted as payment at the Tesla business’s turbocharging stations. Tesla accepts Dogecoin in its online marketplace. There have been speculations that the currency may be accepted as a medium of exchange for Tesla automobiles soon. Musk has a sizable individual Bitcoin stake in addition to Tesla’s, as well as lesser Ethereum holdings as well.
Doge is in the headlines due to the current lawsuit
The week before, a Dogecoin currency trader in the United States sued Musk for 258 billion dollars. He was sued for presumably running an illegal espionage operation to artificially inflate the value of Dogecoin. In the Federal court of Manhattan, a class-action complaint was submitted. The Dogecoin investor demanded $86 billion in economic damage in this Crypto Pyramid Scheme, The amount that the defendant claims Dogecoin investors have lost since Musk began posting about it.