Still Has ‘Potential As A Currency’—Elon Musk Gives Surprise Dogecoin Signal After Huge Bitcoin, Ethereum And Crypto Price Crash


Bitcoin

BTC
, ethereum and other major crypto currencies have bounced back over the last 24 following a devastating crypto crash that wiped almost $1 trillion from the combined crypto market.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market

Bitcoin has added around 10% since falling to lows not see for more than a year, climbing back over $30,000. Meanwhile, ethereum and its biggest rivals have each added between 15% and 25%.

Now, Tesla

TSLA
billionaire and long-time dogecoin supporter Elon Musk has once again signalled his support for the meme-based bitcoin rival helping it’s price to bounce by around 20%—just weeks after mocking the legendary investor Warren Buffett for attacking bitcoin.

Last month, Musk said he’d target crypto scams and bots if he does manage to take Twitter private and also suggested Twitter Blue’s subscription fee could be payable in dogecoin.

Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodexA daily newsletter for crypto investors and the crypto-curious

“[Dogeco

DOGE
in] has potential as a currency,” Musk posted to Twitter, replying to dogecoin co-creator Billy Markus who had written, “the reason I like dogecoin is because it knows it is stupid.”

“I enjoy that something stupid could also have utility and be successful,” Markus added.

The dogecoin price has rallied over recent weeks following news of Musk’s $44 billion bid to take Twitter private, soaring on expectations Musk could move to embed dogecoin into Twitter, potentially using it for payments on the platform.

However, dogecoin has fallen almost 90% since it reached an all time high of over 70 cents amid a Musk and high-profile investor fueled rally last year.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESCoinbase CEO Issues Stunning Crypto Prediction As The Price Of Bitcoin And Ethereum Suddenly Soar

Dogecoin, now once again a top ten cryptocurrency, according to CoinMarketCap data, had crashed this week along with bitcoin, ethereum and other cryptocurrencies as a perfect storm of Federal Reserve interest rate hikes, the Fed beginning to shrink its yawning $9 trillion balance sheet and a major stablecoin meltdown sent cryptocurrencies in a tailspin.

Panic spread like wildfire through crypto traders and investors after the $18 billion algorithmic stablecoin terraUSD (UST

UST
) lost its peg to the U.S. dollar, wiping out the price of its support coin luna which has now lost almost more than 99% of its value.

Amid the carnage, the largest stablecoin tether also appeard to briefly lose its $1 value, sparking fears the bitcoin and crypto crash could spiral out of control.



You May Also Like

Driver responsible for fatal hit-and-run on SW 34th Street sentenced to 8.5 years in jail

BY JENNIFER CABRERA GAINESVILLE, Fla. – James Richard O’Reilly, 20, was sentenced…

Arizona Treasurer Divests from BlackRock over Its Political Activism

Arizona Treasurer Kimberly Yee slammed BlackRock for moving “away from its fiduciary duty in…

Tennessee wide receiver Jalin Hyatt wins 2022 Biletnikoff Award | WJHL

KNOXVILLE, Tenn. (WATE) — The University of Tennessee football wide receiver Jalin…

9 suspects involved in shooting at Uvalde Memorial Park identified by police

UVALDE, Texas – Uvalde police have identified nine suspects who were involved…

Alyssa Z. Sturgill and Lisa M. Peaslee Murder Case

Alyssa Z. Sturgill and Lisa M. Peaslee Two women were arrested after…

Chicago Cop Henry Capouch Accused of Peeing on Ice Machine

Henry Capouch (Pinellas County Sheriff’s Office) A 30-year-old police officer in Illinois…

SCSO: Sullivan Heights teacher arrested for falsely reporting stabbing | WJHL

SULLIVAN COUNTY, Tenn. (WJHL) — After an investigation by the Sullivan County…

Georgia Man Kills Wife’s Divorce Lawyer, Sets His Office on Fire: Cops

A Georgia man has been charged with killing his wife’s divorce attorney…

Cops Called On Fighting Couples – Scioto County Daily News

Cops Called On Fighting Couples Just before 9 pm, police responded to…

Tilt Studio is coming to Bismarck and Minot

NORTH DAKOTA (KXNET) — A new arcade and fun center is planning…

Former WNBA President relieved after Griner’s release

Donna Orender was the WNBA President for five years and paid close…

Meghan Markle’s half-siblings hit back at Netflix series as ‘horrible’ and ‘hurtful’ towards family

Meghan Markle’s half-siblings have hit back at the first three episodes of…