Elon Musk: “Dogecoin is a cryptocurrency for the people”

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Tesla and SpaceX CEO Elon Musk once again backed Dogecoin, calling it “a cryptocurrency for the people.” Against the background of this statement, the coin rate reached $ 0.2832, but the May record is still far away.

Elon Musk wrote on Twitter that many Tesla and SpaceX employees own DOGE without even being financial or Silicon Valley experts. Musk decided to provide support for this cryptocurrency, as it became popular. Earlier, Finder analysts reported that the adoption of Dogecoin in the US is twice as fast as in the rest of the world.

Against the background of the billionaire’s comments, the DOGE rate rose to $ 0.2832. However, Musk’s tweets are no longer having the same overwhelming effect on Dogecoin as they did in May. Then the CEO of Tesla called DOGE a promising cryptocurrency, and the coin rate jumped to $ 0.54.

As for the other “dog” cryptocurrency Shiba Inu, on the weekend its rate rose from $ 0.000027 to $ 0.000044, and the market capitalization exceeded $ 20 billion. However, Musk managed to stop its successful rise with just one word. When a SHIB supporter asked billionaire, how many of these coins he has, he replied succinctly: “None.”

As a result, the SHIB rate fell sharply to $ 0.000032. Musk also called on holders of cryptocurrencies do not invest all funds in digital assets, since the true value lies in the creation of products and services, and not in money, in whatever form it may be. Musk said he bought BTC, ETH and DOGE “just out of curiosity.”

Musk recently said that no matter how governments try to tighten control over the cryptocurrency industry, they will not succeed in destroying it.

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