Elon Musk Shows Support For Dogecoin Despite Massive Fall

BYAlexander Cole1368 Views
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Elon Musk
The entire cryptocurrency market is a disaster right now.

If you invested in the crypto markets over the last year or so, and you kept your money there, then you have probably taken massive losses over the past few weeks. Bitcoin is dropping at an absurd rate and so is Ethereum. These are the two blue-chip cryptocurrencies and when they fall, the whole market falls with them.

One cryptocurrency that everyone knows about by now is Dogecoin. In 2021, Dogecoin was able to reach an impressive all-time high of 65 cents, with some feeling that it could get to $1. Of course, that never happened, and now, the Elon Musk-endorsed currency sits at a measly 6 cents.

Elon Musk Shows Support For Dogecoin Despite Massive Fall
Mike Coppola/Getty Images

Despite this fall from grace, Musk seems to be fully behind the meme coin. While taking to Twitter, Musk simply wrote "I will keep supporting Dogecoin." There was a time when Tesla considered taking Dogecoin as payment for its cars, however, that never actually came to fruition. 

Now, the cryptocurrency market is in shambles, and the pyramid scheme accusations are more prominent than ever before. While some say it's simply the market cycle playing out, others believe this could be indicative of a much larger trend. 


Either way, Musk is the richest man on the planet, so what does he care if a bunch of people lost money on the coin he told them to buy?


About The Author
Alexander Cole is the current Managing Editor of HotNewHipHop. He started at HotNewHipHop back in 2018 where he began as a Sports and Sneakers writer. During this time, he has shown an expertise in Air Jordans, Yeezys, and all things that have to do with Nike. His favorite kicks are the Air Jordan 1 High OG, the Air Jordan 4, the Air Jordan 6, and the Adidas Yeezy Boost 350 V2 in the "Beluga 2.0" colorway. Although his collection might not be the biggest, he is always looking to add new styles to it. When it comes to sports, Alex has a particular interest in the NBA and the NFL. His favorite teams are anywhere LeBron goes, and the Kansas City Chiefs. As a Montrealer, the Montreal Canadiens hold a special place in his heart, even if they haven't won the Stanley Cup in his lifetime. Alex also works for the Concordia Stingers, where he provides play-by-play and color commentary for the football, hockey, and basketball teams His favorite hip-hop artists are Kendrick Lamar, Playboi Carti, Travis Scott, and Lil Uzi Vert.
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