Musk Reaffirms Support for Dogecoin Despite Facing Lawsuit for Shilling the Meme Token

Updated:

Controversial billionaire and entrepreneur Elon Musk reaffirmed his support for Dogecoin (DOGE) several times over the weekend. Musk asserted via Twitter that he would keep supporting and buying the meme token.

Last Saturday, the Tesla and SpaceX CEO talked about the token in a response to a tweet from Dogecoin co-creator Billy Markus, explaining his desire for crypto enthusiasts to use DOGE “for something beyond pump and dump … so it has a reason to exist.”

Musk highlighted that Tesla and SpaceX currently accept DOGE as payment for merchandise, noting that more could be offered in the long run.

Tesla began accepting DOGE as payment for some merchandise in January. In May, the CEO announced that SpaceX would begin accepting the token as payment for its merchandise, while Starlink could support DOGE payments for subscription fees in the crypto denomination.

Musk has been a staunch supporter of Dogecoin for a long while and has been partly credited for the meme coin’s rise to fame, earning him the title of “Dogefather” in the crypto community. Musk believes DOGE has a lot of untapped potentials, arguing that it has more prospects than Bitcoin, which he says is only suitable as a store of value.

The world’s richest man previously revealed that he held DOGE, as well as BTC and ETH. At the time of writing, DOGE trades at $0.0600, a 21% jump from its Saturday low of $0.0491.

Musk’s comments come a few days after a DOGE investor sued the CEO for Shilling the meme token, claiming musk and his companies were engaged in a Ponzi scheme through Dogecoin.

Key Dogecoin Levels to Watch — June 20

Dogecoin defended the $0.0500 support aggressively over the weekend as other cryptocurrencies crashed out after recording double-digit declines. The meme token currently trades around the $0.0600 level amid stable trading conditions on Monday.

DOGEUSD – Daily Chart on Binance. Source: TradingView.

The flagship meme coin could attack the $0.1000 psychological point (also the top of the descending channel) over the coming days, which could foster a move to the $0.1650 barrier or a retest of the $0.0500 base.

Meanwhile, my resistance levels are $0.0600, $0.0700, and $0.0800, and my support levels are $0.0500, $0.0400, and $0.0300.

Total Market Capitalization: $911.4 billion

Dogecoin Market Capitalization: $8 billion

Dogecoin Dominance: 0.88%

Market Rank: #10

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.