Why Dogecoin (DOGE) grew by 12%

Elon Musk clarifies support for Dogecoin and once again price hikes.

Key takeaways.
Elon Musk plans to continue promoting Dogecoin by buying it and accepting it as currency in his other companies.
In an interview with Bloomberg, Musk explained that people around him encouraged him to support Dogecoin.
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Dogecoin (DOGE), a coin based on Shiba Inu’s “doge” meme, is up more than 12% today. Created by Billy Marcus and Jackson Palmer, the open-source digital currency actually started out as a joke, but has gained enough influence and popularity to be respected in its own right. It retains its hilarious nature, however, by showing a cute puppy.

Doge
One reason for the coin’s recent success is the fact that it is praised and promoted by the richest man in the world, Elon Musk. Musk has been acquiring companies, adding to his empire, and championing dogicoin. In 2021, his outspoken support for the company earned him the nickname “The Dogefather.” Musk’s Tesla also began accepting Dogecoin for purchases, and he said SpaceX would soon follow.

This latest jump in Dogecoin prices came after Musk reiterated his support for the coin via Twitter and in an interview on Bloomberg Live. He vouched for Dogecoin and tweeted, “I will continue to support Dogecoin.” A commenter on Twitter said: “Keep buying,” to which Musk replied, “I am.”

In an interview with Bloomberg, he said, “I never said people should invest in crypto. In the case of Tesla, SpaceX, myself, we all bought bitcoin, but it’s a small percentage of our total cash assets.” Now if that doesn’t sound like an endorsement, wait, because later he went on to say, “I intend to personally support Dogecoin because I just know a lot of people who are not rich who have encouraged me to buy and support Dogecoin. I respond to those people… just to people when I walk around the factory at SpaceX or Tesla, they ask me to support Dogecoin, so I do that.”

Bottom line
In light of these statements, Dogecoin is up 12% on cryptocurrency exchanges today with a price of $0.067480. That’s still a long way from its highest level, which it reached in May 2021. Dogecoin is 90% below that high, but it is in the green today and backed by someone with a lot of greenbacks.