DOGE Pumped 8% After Elon Musk Confirms He Is Still Buying

DOGE pumped 8% after Elon Musk confirms he is still buying even after a brutal market that led to most altcoins crashing so let’s read more today in our latest Dogecoin news.

Amid the brutal bear market, Musk showed his support once again for the meme coin which resulted in a price increase. Both bitcoin and Ethereum are both down 30% over the past week and the entire market cap dropped to $830 billion but Musk declared he will keep supporting DOGE. 5.8 cents is still a far cry from the 72 cents DOGE hit in May last year when Musk hosted “Saturday Night Live” and DOGE got a mention in the opening monologue and the Weekend update.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

Musk was Doge’s biggest cheerleader since 2019 when he tweeted DOGE may be his favorite cryptocurrency. In 2020 and 2021 Google searches for DOGE spiked each time that Musk tweeted about the meme coin. DOGE developers were even in close contact with Musk about changes that he wanted to make to the cryptocurrency code. Musk advocated for the use of DOGE for payments that will make the joke coin a real utility and less than a funny meme coin.

I am

— Elon Musk (@elonmusk) June 19, 2022

DOGE pumped 8% as Elon Musk repeatedly said one of the immediate features he would implement is DOGE tipping and the acceptance of DOGE as payment for the premium services such as Twitter Blue. It is hard to see what can happen for DOGE to get back to the 72 cents level when it is sitting around nickel but if Musk keeps pumping, everything can happen.

As recently reported, Elon Musk’s support for DOGE grows bigger, and even tweeted that he will keep on supporting DOGE. The $258 billion class-action lawsuits hoped to see Musk stop his publicly expressed support for DOGE. A few days ago, the New York district court recieved a class action complaint against Elon Musk and his companies for an alleged Ponzi scheme that involved the DOGE tokens. The lawsuit demanded $258 million in total monetary damages from Musk while requesting the court to rule the DOGE trading as gambling in the US.

The lawsuit didn’t resonate with the crypto community with many making fun of the move. Musk was also not really bothered by the allegations as he doubled down on his love for the DOGE ecosystem