Amid the market's many difficulties, some investors argue that this is a good time, a golden opportunity to buy cryptocurrencies. Elon Musk, the tech billionaire, is no exception, reportedly taking advantage of the fall to buy Dogecoin (DOGE) for a price in the sale.
On June 19, Elon Musk, CEO of Tesla and SpaceX and co-founder of The Boring Company and Neuralink, admitted on Twitter that he was buying Dogecoin.This is after publicly announcing that he will continue to support the cryptocurrency meme:
The free fall of the market was started by news that threatened the health of the cryptocurrency industry.It all started with the collapse of TerraUSD (UST), Luna and the Terra ecosystem.Then, the unilateral freeze of Celsius funds due to the liquidity crisis began. It is likely that the Three Arrow Capital fund went bankrupt, plus some protocols began to prevent asset exits, such as Babel Finance that disrupted withdrawal activity.Several cryptocurrency companies are carrying out mass layoffs in preparation for a possible crypto winter.
Elon Musk swims upstream
Even in the face of this dire prospect, the tech mogul continues to advocate for cryptocurrency memes.Musk said he bought DOGE because the price will rise again in the future.
- Doge prices rise in response to Elon Musk comments
- Doge prices are falling sharply.In the last year, the coin meme has fallen steadily, sinking to the price level before exaggerating.
- The highest price in DOGE's history is $0.68, currently after a sharp drop, it is trading in the $0.05 range.
Since Musk's doge purchase was so recent, we'll have to wait and see if the market reacts by slowing down the memecoin's decline.
For now, you can see how dizzying the doge price has risen since the moment almost exactly when the world's richest man issued a tweet in support of Dogecoin.Only time will tell if Elon Musk pulled memecoin out of the cryptocurrency box.
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