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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum

Christian Encila
Christian Encila
3 years ago
2 mins read
Dogecoin

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Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha.

Musk stated at the Qatar Economic Forum that he buys and backs it because people “who are not that wealthy” have requested him to, according to Bloomberg News.

Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts

Dogecoin Gets Some Love From Musk

Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:

“I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.”

The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes.

Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.

In 2017, the price of Dogecoin was $0.0003. By June 1, 2022, its price had risen about 40,000% to $0.10. According to Coingecko data, DOGE is currently trading at $0.063348, up over 14 percent as of this writing.

Musk also stated that his staff had requested that he promote the coin. “They urged me to endorse Dogecoin, and I am,” the billionaire explained.

In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE.

DOGE total market cap at $8.5 billion on the weekend chart | Source: TradingView.com

Musk Social Media Comments Move DOGE

Dogecoin frequently varies in response to Musk’s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off.

The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live.

Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.”

Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.”

Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.

Suggested Reading | Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil

Featured image from NDTV Gadgets 360, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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