Key Takeaways
- Elon Musk sent the price of Dogecoin (DOGE) up by over 10% with with a single tweet on Sunday.
- The TESLA CEO called DOGE “people’s currency” again, explaining in detail why he supports the token.
- Dogecoin enjoys the highest adoption rate in the United States, according to survey.
YEREVAN (CoinChapter.com) — Dogecoin (DOGE) got a major endorsement from SpaceX founder Elon Musk. Replying to SlumDOGE Millionaire on Twitter, Musk explained why he supports the first meme token, throwing in a pinch of socialism in his reasoning.
According to the self-proclaimed Dogefather, people with little or no understanding of finance and technology have invested in Dogecoin.
Musk’s tweet worked like a charm for DOGE as the price of the token experienced positive movements.
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According to the data on CoinGecko, Dogecoin rallied over 10% following Musk’s tweet before shelling about 3% in the next hours. DOGE currently trades at $0.267 and has increased 27.5% in the past 30 days.
The TESLA CEO gave an example from his own company to back his argument about his favorite meme token.
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists,”
Musk contended.
The long-time DOGE supporter reinforced his belief in the coin by giving it a much-needed mega endorsement.
“I decided to support Doge – it felt like the people’s crypto,”,
he wrote.
A Dogecoin (DOGE) endorsement from Musk was long overdue
It has been a while since Musk has shifted his attention from Dogecoin. Ever since June, when he tweeted about his plans to get a Shiba Inu pup, Dogecoin knockoffs have stood to benefit. Floki Inu (FLOKI), Shiba Inu (SHIB), and Super FLOKI (SLOKI) were among the gainers.
The price of Floki Inu (FLOKI) soared by nearly 100% in Sept after Musk posted a photo of his new pet dog on Twitter.
So much had the attention shifted to these Dogecoin copycats that people wondered if the Dogefather had stopped backing his favorite coin.
However, Musk put all speculations to rest on Sunday with his tweet, giving major credit to Dogecoin. Musk also revealed that he holds no Shiba Inu (SHIB) tokens to sweeten the endorsement for DOGE, clearly indicating that the original dog-themed coin remains his favorite.
The world’s richest man also called Dogecoin “people’s crypto” back in Feb, sending its price soaring 45% against the dollar.
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Dogecoin (DOGE) enjoys the highest crypto popularity in the US
Elon Musk’s claims about Dogecoin (DOGE) being “people’s crypto” is not unsubstantiated.
Based on the results of a recent survey conducted by the Australian award-winning fintech company Finder, Dogecoin adoption in the United States is roughly double that of the rest of the globe.
According to the survey, 30.6% of crypto owners in the United States say they own Dogecoin. That number is 1.6 times the global average adoption rate of 19.2%.
SlumDOGE Millionaire, to whose tweet Elon Musk replied, also shared similar sentiments. While the elite club dwells in trading top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), Dogecoin is the go-to currency for the common folk in the US.
“Most of us don’t come from privileged backgrounds and honestly can’t relate to the experts in Silicon Valley. We just want to believe in a crypto that represents us all. #Dogecoin is the little guy personified in crypto which is why we love it,”
he tweeted.
Dogecoin (DOGE) may have gained again, thanks to its biggest advocate. However, the original meme toke is still over 63% below its lifetime peak of $0.731. Maybe Musk will rally behind the token to help reclaim its lost all-time high of May 2015. Time will tell.
