Tesla and SpaceX CEO Elon Musk tweeted on June 19 that he will continue to support Dogecoin, which is the first and most popular meme coin. One of the users replied to the post saying "Keep buying it then," to which Musk answered "I am".
I will keep supporting Dogecoin— Elon Musk (@elonmusk) June 19, 2022
After the post, Dogecoin price increased by around 8% reaching $0.06. Currently, the coin trades at $0.05. It is the tenth largest crypto with a market cap of over $7.6 billion.
Musk restated his Dogecoin support regardless of a recent suit filoed by investors who accused the businessman of promoting DOGE, and operating a pyramid scheme.
The billionaire has supported DOGE since 2019 when he tweeted Dogecoin might be his favorite cryptocurrency. Since then, he continued mentioning the coin in his posts. Each time, the interest in DOGE increased and its price grew. In Jan. this year, Tesla announced accepting DOGE for some merch.