Dogecoin Jumps 8% After Elon Musk Tweets He’s Buying The Dip

Dogecoin finds an unsurprising supporter in these gloomy crypto market atmosphere in the person of none other than the all too familiar Elon Musk himself.

After declaring on Twitter that he will “keep supporting Dogecoin,” the popular crypto’s price spiked 8% to $0.058, Monday.

Anything Musk says on Twitter – about DOGE or anything else under the sink – is sure to rouse the attention of his nearly 99 million followers on the social media platform.

Undoubtedly, his tweet to keep buying DOGE is a shot in the arm of sorts the heavily stressed cryptocurrency market needs.

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Musk Dogecoin Tweet Should Give Crypto Market Some Boost

The tweet came about after an exchange with a user who told Musk that he should buying the “joke” coin if he really supports it. To which the billionaire responded: “I am,” suggesting that he’s buying the dip.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

This simply proves the CEO of electric car maker Tesla, who was hit by a $258 billion lawsuit last week over his support of Dogecoin, is sticking with the crypto and not turning his back on it.

Some market observers see this stamp of confidence in the crypto market as an ideal opportunity to buy cryptocurrencies while they are cheap.

Keep buying it then

— Altcoin Gordon (@AltcoinGordon) June 19, 2022

The 5.8 cents spike is a far cry from the 72 cents Dogecoin reached in May 2021, when Musk hosted “Saturday Night Live” and the dog-themed crypto got a mention in his opening spiel.

In one part of that SNL appearance, Musk was asked about the crypto, to which he responded by saying “It’s a hustle,” raising eyebrows from the crypto viewers and community in general.

The Dogefather’s Favorite Coin

Last year, Musk revealed he personally owns bitcoin, ethereum, and dogecoin. Throughout 2020 and 2021, Google searches for “Dogecoin” surged whenever Musk tweeted about the satirical cryptocurrency.

As 2021’s huge crypto bull run lifted the prices of BTC and ETH to record peaks, Musk repeatedly urged dogecoin developers to upgrade the cryptocurrency so it can “beat bitcoin hands down.”

DOGE total market cap at $7.7 billion on the daily chart | Source: TradingView.com

Musk was voted “Dogecoin CEO” in a mock Twitter survey in 2019 and named himself “The Dogefather.” That year, he revealed the coin “may be my fav cryptocurrency.”

More recently, Musk (together with Dallas Mavericks owner Mark Cuban) has campaigned for the use of DOGE as a payment method, which would give the coin a real purpose and diminish its status as a joke.

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Featured image from Marca, chart from TradingView.com