Billionaire Elon Musk has been Dogecoin’s greatest supporter, and he has not been shy to say it. It was certainly the SpaceX CEO’s tweets that triggered the bull rally that noticed the meme coin hit a excessive of $0.7 final yr earlier than beginning its gradual downtrend. Nonetheless, even with the truth that Dogecoin has seemingly misplaced most of its gained worth, Elon Musk has not relented on his assist for Dogecoin and defined why he loves it in a current podcast.

What’s Not To Love?

Elon Musk was a visitor on the “Full Ship” the place he talked about cryptocurrencies and Dogecoin particularly. The billionaire revealed that he was nonetheless strongly in assist of the meme coin and took it a step additional to elucidate why he was such an avid supporter of it.

In response to Musk, he primarily likes Dogecoin because of the theme behind it. It’s no secret that the meme tradition across the cryptocurrency had performed an vital function in its meteoric rise again in 2021. It additionally occurs to be Musk’s favourite factor in regards to the cryptocurrency, explaining that it has “memes and canine.” The canine a part of that is simply as distinguished, provided that Elon Musk himself has a Shiba Inu pet, which is the well-known canine related to the coin.

Dogecoin price chart from TradingView.com

DOGE trending at $0.068 | Supply: DOGEUSD on TradingView.com

The builders behind the cryptocurrency have additionally been doing their greatest to develop the meme coin, one thing that Musk has been in full assist of. Dogecoin has made it onto the limelight by being accepted as a mode of fee, amongst different issues.

Dogecoin Struggles To Maintain Value

One factor that has light over time is the influence that Musk’s feedback had on the worth of Dogecoin. On the peak of the bull run, each time the billionaire stated or did one thing in relation to Dogecoin, the worth soared tremendously.

This has now modified in the truth that Musk’s actions now not maintain a lot sway over the digital asset’s worth. An instance is when he introduced that his Boring firm can be accepting Dogecoin for underground rides in Vegas, the worth responded in a disappointing means. Comparable to been the case at completely different occasions previously.

Associated Studying: Here’s When A Finder’s Panel Of Experts Expect Dogecoin To Reach $0.6

Dogecoin has lately taken one other hit. The digital asset had fallen to tenth place on the checklist of largest cryptocurrencies, which it had held for some time. Nonetheless, it has now fallen to eleventh place after Polkadot made a outstanding restoration and surpassed the market cap of DOGE.

Doge’s worth continues to pattern round $0.06, and whereas traders maintain out hope that the meme coin will stage a restoration quickly, a Finder’s panel has forecasted that Dogecoin might not be seeing its earlier ATH for the subsequent 5 years. 

Featured picture from, chart from TradingView.com

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