By: Shayak Majumder | Updated at : 20 Jun 2022 10:16 AM (IST)
Elon Musk adopted the informal nickname of “Dogefather” to show his support for the altcoin. ( Image Source : Getty )
Elon Musk, the CEO of Tesla and SpaceX, has been a staunch supporter of cryptocurrencies, especially the meme-based altcoin Dogecoin (DOGE). Musk has often come out in support of DOGE on Twitter and recently, the billionaire entrepreneur reaffirmed that he will continue supporting Dogecoin and keep buying it as well. He also said DOGE payments may soon be supported for buying Tesla and SpaceX merchandise. This announcement came a couple days after Musk was sued for $258 billion by DOGE investor over an alleged DOGE pyramid scheme.
On June 19, Musk took to Twitter to say, “I will keep supporting Dogecoin.” To this, Twitter user @AltcoinGordon replied, “Keep buying it then.” Musk simply replied, “I am.”
As mentioned, Musk has always been a supporter of DOGE, even briefly adopting the informal nickname of “Dogefather,” a term that was coined by fans of Musk and DOGE. His support has often drawn the ire of many users on social media, who blamed Musk for promoting the digital coin only to drive up its prices, adding to the overall volatility of DOGE.
On June 16, US-based investor Keith Johnson accused Musk of promoting DOGE, helping drive its price up only to let the value tumble soon after. Claiming to have lost money after investing in Dogecoin, Johnson described himself as an “American citizen who was defrauded” by what he called a “Dogecoin Crypto Pyramid Scheme.”
ALSO SEE: Elon Musk Sued By Dogecoin Investor For $258 Billion Over Alleged Pyramid Scheme
On June 19, DOGE creator Billy Markus, who goes by the pseudonym Shibetoshi Nakamoto on Twitter (a play on the name of Bitcoin’s anonymous creator Satoshi Nakamoto), came out in support of Musk, tweeting, “If Dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, housing market, commodities market, and monetary system itself.”
if dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, housing market, commodities market, and monetary system itself.
let’s sue alexander hamilton.
Markus and Musk often reply to each other’s tweets, coming out in support of one another on regular basis. On June 18, Markus tweeted that he wishes people would use DOGE “for something beyond pump and dump” so that it “has a reason to exist.” To this, Musk replied that DOGE may soon be used for Tesla and SpaceX merch. “Maybe more down the road,” the Tesla CEO wrote.
Tesla and SpaceX merch, maybe more down the road
At the time of writing, DOGE price stood at $0.05917, as per CoinMarketCap data. As per Indian exchange WazirX, Dogecoin price stood at Rs 4.89. Dogecoin price has gained 13.16 percent in the last 24 hours.
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