Musk: Will continue to buy and support Dogecoin

Tesla and Space X CEO Elon Musk has reaffirmed his commitment to Dogecoin (DOGE). On Sunday, Musk tweeted that he will continue to support and purchase DOGE. Following his statement, the price of Dogecoin climbed amid a slump in the crypto market, rising more than 20%.

Musk mentioned DOGE on Twitter on Saturday in response to a tweet from Dogecoin co-founder Billy Markus, who said he wanted people to do something with Dogecoin other than just pump and dump.

Musk said on Twitter that Dogecoin can be used to purchase goods at Tesla and SpaceX, and hinted that more may be available in the future.

Tesla began accepting Dogecoin for some purchases in January. Last month, Musk said SpaceX would soon accept DOGE for purchases, and Starlink subscriptions could soon follow suit.

At the time of writing, DOGE is trading at $0.062662, up 25% in the past 24 hours but down 30% in the past 30 days.

Musk has long been a supporter of Dogecoin. He is known as the Dogefather in the crypto community. He believes that DOGE is the people's cryptocurrency and has the potential to serve as a currency. In contrast, he says Bitcoin is better suited as a store of value.

Musk also previously revealed that in addition to BTC and ETH, he personally owns some DOGE.

As previously reported by BitPush, last week, a Dogecoin investor sued Musk, Tesla, and SpaceX for promoting the meme cryptocurrency. The $258 billion class-action lawsuit claims that Musk and his company "falsely and fraudulently claimed that Dogecoin is a legitimate investment, but it has no value at all." The plaintiff claims that Musk, Tesla, and SpaceX "participated in a crypto pyramid scheme (aka a Ponzi scheme) through the Dogecoin cryptocurrency."

Additionally, Musk hinted last week that cryptocurrency payments would be integrated into Twitter if he successfully acquires it.