Since the end of 2020, the owner of Tesla, Elon Musk has continued to make supportive statements on Twitter about Dogecoin (DOGE). These statements have often been humorous with one of his most famous tweets on the subject spoofing the Lion King.
The multi-billionaire has said recently that he would give his full support to the biggest holders of cryptocurrency were they to sell some of the crypto they have. According to Musk, he would like to see this happen to help solve current concentration problems. He actually went as far to say that he would pay actual dollars if these companies were to void their accounts.
Musk is on record as saying that most of his support for cryptocurrency will be in the form of memes and since Dogecoin was created as a meme in the first place it makes sense why he would naturally gravitate to this one.
Things appear to have changed though in recent weeks and when it was announced that his company Tesla had purchased 1.5 billion dollars worth of Bitcoin it was clear that he no longer considers crypto as purely a source of amusement.
The continued rise of Dogecoin does appear to rest heavily on the shoulders Of Elon Musk. The rise on Dogecoin happened almost immediately after Reddit users attempted to beat up wall street shorters by pumping lots of money into stocks that were frequently shorted. This included the stock Gamestop that saw a rise of 1700% in less than a week.
We hope Dogecoin will take a slightly different route and continue to rise over a long period of time.