The Tesla CEO once again talked about the popular meme Cryptocurrency Dogecoin but failed to pump.
Tesla CEO Elon Musk is a big lover of Dogecoin (Doge). In 2020, Musk jumped to support Dogecoin and pumped it by hundreds of fold within a year. Behind the Crypto 2021 bull run, it was Musk who purchased Bitcoin for his electric vehicle manufacturing company Tesla & started to accept payments in Bitcoin.
On 23 Aug 2023, Tesla CEO Musk responded to a tweet and said that X is a friendly place for Dogecoin (Doge) & pet Dogs.
With this latest tweet, Musk once again confirmed that he is a big supporter of Dogecoin & not going to drag support for Dogecoin back, despite facing a lawsuit over supporting Dogecoin.
It is worth noting that this time Musk failed to pump the Dogecoin trade price, as we can see in the trade price graph, where Dogecoin trade price surged by nearly 1% & again retraced back to the normal trade price.
SpaceX’s Bitcoin holdings
Last week, Elon Musk’s space rocket company SpaceX sold almost all its Bitcoin holdings. As SpaceX is a private company, the company successfully kept all these Bitcoin dump financial activities hidden.
Because of bulk Bitcoin sold by SpaceX, the trade price of Bitcoin plunged nearly 7% within a couple of hours and the crypto market saw $800 million funds liquidation within half an hour.
In the initial days of 2020, Musk said that Dogecoin will emerge as a top cryptocurrency in the crypto payment system over other cryptocurrencies, if the crypto sector evolves like this.
Now the latest statement by Musk hinted that X will surely bring support for Dogecoin payment but it will be a matter of time, as the current traditional financial regulatory frameworks are not enough to provide legal clarity for the cryptocurrencies in the majority of the jurisdictions.
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