Tesla CEO Elon Musk hasn’t lost his interest in Dogecoin in spite of the massive price correction

Tesla CEO Elon Musk reaffirm his support for Dogecoin amid the steep price drop. The dollar billionaire has also confirmed that he is buying more DOGE, giving the cryptocurrency a much-needed boost.

Elon Musk is buying more Dogecoin

The price of a parody Bitcoin has increased by nearly 13% on the Binance exchange because of Musk’s tweets. DOGE hit an intraday high of $0.05877. Musk decided to show some love for Dogecoin after congratulating his followers on Father’s Day.

Musk calls himself “The Dogefather” ahead of the “Saturday Night Live” host premiere taking place in early May 2021 in a nod to “The Godfather,” one of the best movies of all time starring Hollywood legend Marlon Brando. Musk’s much-hyped SNL appearance is expected to mark the culmination of Dogecoin’s massive bull run.

The meme cryptocurrency is now down 92.33% from its record high of $0.73, becoming one of the worst-performing altcoins after delivering massive returns to early investors. Dogecoin’s massive price correction hasn’t dampened Musk’s support for the meme cryptocurrency.

Tesla, the world’s largest electronic car maker, made it possible for customers to buy goods with the help of a cryptocurrency meme earlier this year. On top of that, Musk confirmed that SpaceX would be adding weird Bitcoin parodies as payment for goods.

It looks like Musk won’t stop there. On Saturday, the entrepreneur signaled that his companies would expand use cases for Dogecoin. Despite losing most of its value, Dogecoin remains the tenth-largest cryptocurrency by market capitalization.

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