Dogecoin price shoots up following Elon Musk’s tweet

Dogecoin (DOGE) has surged to a high of $0.06247 today following a tweet by Elon Musk. At the time of writing, the meme coin had slightly pulled back to trade at $0.058 and it was still green.

Dogecoin had found itself at the mercies of the unforgiving plummeting crypto market over the past weeks and Elon Musk’s tweet seems to have come at the hour of need. Musk tweeted yesterday that he will keep supporting Dogecoin.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

Elon’s tweet came a day after a Dogecoin investor sued Elon Musk and his companies SpaceX and Tesla Inc for an astonishing $258 billion in damages for being “engaged in a crypto pyramid scheme” involving Dogecoin.

BREAKING: Elon Musk, Tesla, and SpaceX have been sued for $258 billion over an alleged #Dogecoin ‘pyramid scheme.’

— Watcher.Guru (@WatcherGuru) June 16, 2022

While the announcement of the legal battle did not have an immediate impact on Dogecoin price, investors were scared that the staunch DOGE supporter (Elon Musk) would pull back from supporting the meme coin following the suit.

However, yesterday’s tweet affirms to many that the billionaire is still a believer in the meme coin.

Elon Musk’s love for Dogecoin

Last year, Elon Musk revealed that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). And in 2020 and 2021, the price of Dogecoin shoot through the roof whenever Musk tweeted about the coin.

While the prices of ETH and BTC jumped to new all-time highs in 2021, Musk kept on encouraging Dogecoin developers to upgrade the meme-coin so that it could beat the likes of Bitcoin.

In 2019, after being voted “Dogecoin CEO’ in a mock tweet survey, Elon went ahead and claimed he was “The Dogefather.”

Recently, Elon Musk’s Tesla Company started accepting Dogecoin as a mode of payment for its merchandise while SpaceX has also announced that it will start accepting the meme coin as payment for its merchandise. There are also speculations that Dogecoin shall be used for rewards on Twitter following Elon Musk’s bid to purchase Twitter.