On Sunday, Elon Musk took to Twitter Spaces to throw his support behind the meme-inspired cryptocurrency Dogecoin DOGE/USD.
What Happened: Musk said “Dogecoin to the moon” in response to a question about the usage of crypto payments on Twitter.
It should be noted that an impressive price surge of Dogecoin was witnessed in October after Musk finalized the $44 billion purchase of Twitter. The market was optimistic that the billionaire was going to incorporate the $14 billion meme coin into the platform.
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The Dogecoin was created in 2013 by Jackson Palmer and Billy Markus as a joke based on a popular meme portraying a Shiba Inu SHIB/USD.
On Nov.30, Markus, who goes by the pseudonym Shibetoshi Nakamoto on Twitter, in a tweet outlined how he’d like the Dogecoin community to utilize crypto. Markus urged people to keep working on the meme coin, adding more utility and security. Musk responded, suggesting that Dogecoin should operate more like a currency.
Price Action: At the time of writing, DOGE was trading at $0.10, up 0.23% in the last 24 hours, according to Benzinga Pro.
