Billionaire Elon Musk is one of the most vocal supporters of Dogecoin. Using his platform and notoriety, Musk had been one of the major factors behind the run-up to $0.70 for DOGE in early 2021 before it began to decline. Nevertheless, the billionaire has not faltered in his support for Dogecoin and continues to be very open about his position on it. Recently, the ‘Dogefather’ revealed why he had invested in the meme coin and began to promote it.
In a recent interview with Bloomberg, the SpaceX CEO opened up about the reason he had gotten into the meme coin in the first place. Musk who had suddenly begun to shill Dogecoin in early 2021 said during the interview that he had actually gotten into Dogecoin because of SpaceX and Tesla employees, two companies on which he serves as CEO.
He revealed that it was actually the factory workers on the floor that had told him and asked him to support it. “I just had a lot of people who are not that wealthy, who have encouraged me to buy and support Dogecoin,” Musk said. “So I’m responding to those people. Just people that work in the factory of SpaceX or Tesla, they’ve asked me to support Dogecoin.”
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Moving forward, the billionaire also stated that he continues to hold and support Dogecoin. This comes despite a massive lawsuit being filed against Musk for being involved in an alleged scheme that was to pump the price of the meme coin and then dump it.
Musk’s support of the meme coin has also transcended just posting about it on Twitter. Tesla, the world’s leading electric vehicle brand, is currently accepting Dogecoin as payment for merchandise, and Musk has revealed in the past that SpaceX will begin accepting DOGE payments at some point.
DOGE declines to $0.071 | Source: DOGEUSD on TradingView.com
Despite the price of the meme coin declining, the interest in Dogecoin has not waned. The altcoin has taken a huge hit going into the bear market as expected. However, its volume continues to climb especially with the piqued interest from whales.
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Data shows that whale transaction volumes have grown more than 100% in the last 24 hours alone. These transactions which carry a minimum of $100,000 in DOGE jumped from their previous day’s number of about 100 to reach 222 on the last day. This translates to a 118% change in the last day and as such, there have been over $1.12 billion in transaction volumes from these large whales alone.
This renewed interest shows that all hope is not lost for the meme coin. As long as these numbers continue, then recovery could be in the future of the altcoin. The price has not responded favorably to this though. While there has been a small uptick, it had quickly resumed its downtrend and is currently trading at $0.0713 at the time of this writing.
Featured image from CoinMarketCap, chart from TradingView.com
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