Dogefather Returns: Elon Musk Reveals Reason Behind Dogecoin (DOGE) Support

• Elon Musk hints at Tesla accepting Dogecoin payments, boosting DOGE’s credibility.
• Musk recalls grassroots support for DOGE among Tesla and SpaceX employees.
• DOGE’s price surges 124.1% in 30 days, igniting speculation about meme coins.

At a recent event, Elon Musk, often dubbed the Dogefather, hinted at the possibility of Tesla accepting Dogecoin (DOGE) as a payment method. When questioned about the prospect of purchasing a Tesla with DOGE, Musk responded optimistically, suggesting that at some point, Tesla should facilitate such transactions.

As we can see from the footage below, Elon Musk once again supports Dogecoin (DOGE). He even goes on to embrace the spirit of the audience and the DOGE community saying “Dogecoin to the moon”.

The tech mogul further elucidated his support for Dogecoin, recounting instances where Tesla and SpaceX employees expressed their backing for the meme-inspired cryptocurrency. Musk recalled encounters during factory visits where workers on the assembly line implored him to endorse DOGE.

Inspired by the grassroots enthusiasm surrounding Dogecoin (DOGE), Musk  saw that the pioneer memecoin truly was the people’s crypto and pledged his support. He even observed that Bitcoin (BTC) had the support of the rich but DOGE had the support of the regular folk.

With Musk reaffirming his backing for Dogecoin, speculation arises regarding its potential impact on the broader crypto market. CoinGecko data reveals DOGE’s current price at $0.18, marking a remarkable 124.1% surge over the past month. As Dogecoin gains momentum, other meme coins like PEPE, WIF, FLOKI, SHIB, and BONK have also experienced notable increases in value.

The resurgence of Musk’s endorsement could reignite a memecoin frenzy reminiscent of earlier surges. This time, however, Dogecoin could lead the charge, propelled by Musk’s influential support.

The question remains whether Elon Musk’s backing will catalyze another significant surge across all meme coins or propel DOGE to unprecedented heights, leaving its competitors in the dust.

Read Also

• Musk Confirms Tesla Now Accepts DOGE for Its Merch
• Bitcoin Rises After Elon Musk Says Tesla To Accept BTC Again
• Elon Musk Pushes McDonalds To Accept DOGE Payments 
• Elon Musk Mulls Over Selling 10% Tesla Stocks. Will He Reinvest Into Crypto?
• In True Boomer Fashion, Elon Musk Caves, Tesla Sells Its Bitcoin

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