Consequently, the token’s price shot up by over 7% after the news, trading at $0.057. However, the currency has dipped by about 13% in the past week.
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As of the time of writing, Dogecoin is trading at $0.060. It spiked by over 3.68% in the past 24 hours. It is far from its all-time high of $0.34 last year.
Musk’s tweet comes after a group sued him and his companies, Tesla and SpaceX, for $258 billion. The lawsuit accused the billionaire of being involved in a Dogecoin crypto pyramid scheme.
Also, it added that Musk’s tweet misled them into investing in memecoin. Unfortunately, the lawsuit aims to block Musk, Tesla, and SpaceX from promoting DOGE.
Notably, the value of the memecoin increased after the billionaire showed support on Twitter. According to market valuation, his Tweets pushed the currency into the top ten spots.
Musk Continues To Promote DOGE
The memecoin, DOGE, has been trading in the red region for the past months. This was because the hype surrounding the coin had died down. According to Finbold, the currency dipped by over 90% since Musk’s appearance on the Saturday Night Live Show.
During the show, which took place in May, Musk named himself the “Dogefather.” Consequently, users expected the price of the token to skyrocket past $1. However, that did not happen.
Additionally, it is worthy to note that the support of Musk for DOGE has been beneficial. Besides the temporary price increase, both Tesla and SpaceX have announced support for Dogecoin.
A few months ago, the Tesla boss had noted both companies would accept DOGE for payment. Also, Musk has noted that Twitter would accept DOGE for payment in the future.
Dogecoin Update To Be Unveiled In The Summer
Besides building a fanbase for Dogecoin, Musk is working with its developers. The partnership aims to improve the platform so it can compete with currencies like Bitcoin.
Meanwhile, the developer will unveil an update for Dogecoin in the summer. This new version is the DOGE 1.14.6. According to the report, this update has improved wallet protection.
Also, it fixed potential vulnerabilities on the DOGE network. This is to make usage of the currency’s wallet very cheap. Perhaps, the price of the currency may shoot up after these improvements.