Dogecoin Jumps 8 percent After Elon Musk Tweets He’s Buying The Dip

The tweet came about after an exchange with a user who told Musk that he should buy the "joke" coin if he supports it. To which the billionaire responded "I am" suggesting that he's buying the dip 

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

CEO of Tesla who was hit by a $258 billion lawsuit last week over his support of Dogecoin is sticking with the crypto and not turning his back on it. 

Some market observers see this stamp of confidence in the crypto market as an ideal opportunity to buy cryptocurrencies while they are cheap. 

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

The 5.8 cents spike is a far cry from the 72 cents Dogecoin reached in May 2021, when Musk hosted "Saturday Night Live" and the dog-themed crypto got a mention in his opening spiel.

In one part of that SNL, appearance Musk was asked about the crypto to which he responded by saying "it's a hustle" raising eyebrows from the crypto viewers and community in general. 

Last year, Musk revealed he owns Bitcoin, Ethereum, and Dogecoin throughout 2020 and 2021, Google searches for "Dogecoin" surged whenever Musk tweeted about the satirical cryptocurrency. 

As the 2021 huge crypto bull run lifted the prices of BTC and ETH to record peaks, Musk repeatedly urged dogecoin developers to upgrade the cryptocurrency so it can "beat bitcoin hands down"

Musk was voted "Dogecoin CEO" in a mock Twitter survey in 2019 and named himself "The Dogefather" that year, he revealed the coin "may be my fav cryptocurrency."

Read: Crypto crash Bitcoin price falls below 19,976.51$ for first time since 2020