“Cryptocurrency Is Promising,” Says Elon Musk As Dogecoin (DOGE) Gets Bigger Than His SpaceX
The meme coin Dogecoin continues to keep its position as the 4th largest cryptocurrency with a market cap of nearly $80 billion.
DOGE is currently trading at $0.60, down 11% from its all-time high of almost $0.69 just two days back, as per CoinGecko.
At its current valuation, DOGE is bigger than Elon Musk's SpaceX, which has a market cap of about $75 billion.
Musk is a vocal supporter of Dogecoin who tweets about the coin every other day, sending its price up. This Saturday, he is all set to appear at SNL, where the market expects him to promote Dogecoin further as he himself tweeted, “The Dogefather SNL May 8.”
— Elon Musk (@elonmusk) May 7, 2021
Musk is a believer in cryptocurrencies, no doubt, given his Tesla invested $1.5 billion in Bitcoin and accepts it as a payment option that they further plan to hold on their balance sheet for the long term.
“Cryptocurrency is promising, but please invest with caution!” he tweeted today with an attached YouTube from TMZ talking about Musk giving Dogecoin credibility by saying that the meme coin has the potential to be the king while urging people to use caution and not go all in.
While a meme coin, DOGE has been seeing growing adoption this year after getting support from the likes of Mark Cuban, the billionaire owner of Dallas Mavericks, which accepts DOGE as payment for tickets and merchandise.
This week, major league baseball team Oakland A’s also announced the addition of DOGE as a currency.