Meme coin Dogecoin price might become the savior for the overall crypto community! and here is how:
we all know that very famous meme coin, Dogecoin, is one of the most popular meme coins in the crypto world
According to Bloomberg News, Musk said that he buys and backs the Dogecoin. It is because non-wealthy people have requested him to do so.
In a recent interview with Bloomberg Editor-in-Chief John Micklethwait, Musk said that he knew many people who were not that wealthy had encouraged him to buy and support Dogecoin.
Back to the history, This coin was presented as a joke in 2013. Because of committed inventive and community memes, the coin soon grew into a significant cryptocurrency.
Unlike other cryptos, Dogecoin is at risk of devaluation because the DOGE units are not restricted.
In 2017, the Dogecoin price was $0.0003; after 5 years, on 1st June 2022, its prices reached $40,000% to $0.10. Dogecoin is currently trading at $0.063348, over 14% as of his writing, according to coingecko data.
Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla in January said that it would begin accepting Dogecoin payments for some products. These products imply that more could be added: “down the line.”
Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.”