The free-falling cryptocurrency market is not stopping Elon Musk from continuing his support of dogecoin, and he will continue to buy and hold the meme coin.
“A lot of people who are not that wealthy have encouraged me to buy and support dogecoin,” Musk told Bloomberg at the Qatar Economic Forum in Doha. “I’m responding to those people.”
See also: With Twitter Purchase, Musk’s Fascination with Dogecoin and Crypto Payments Will Gain Importance
Dogecoin surged an estimated 9% in a few hours on Sunday (June 19) following Musk’s tweet about his support of dogecoin, Bloomberg reported.
The meme coin was up more than 12% in the past 24 hours to $0.05788 on Monday, according to CoinMarketCap data on Tuesday (June 21).
Musk’s support of crypto on social media has triggered fluctuations, boosting bitcoin’s price last year as well as dogecoin’s value. He said he owns bitcoin, ether and dogecoin and will continue holding them.
Related: Dogecoin Taking a Big Bite of Crypto Mindshare, PYMNTS Report Finds
More U.S. consumers told PYMNTS that they know about dogecoin than ether, the No.2 cryptocurrency with a market capitalization of $375 billion. That’s nearly 20 times dogecoin’s $19 billion market cap.
Nearly 37% of the respondents to PYMNTS 2022 U.S. Crypto Consumer study named dogecoin among the cryptocurrencies they had heard of but not purchased, compared to 30% who said that about ether.
Dogecoin has been Musk’s favorite crypto, with Tweets featuring the coin that have included his children and having his SpaceX put a “literal Dogecoin on the literal moon,” Bloomberg reported.
Read more: Barking Mad? Robinhood CEO Sees Dogecoin as ‘Future Currency of the Internet’
Musk is facing a $258 billion federal lawsuit alleging that he and his companies engaged in a pyramid scheme with dogecoin, according to media reports. Plaintiff Keith Johnson plans to represent a class of people who have lost money investing in dogecoin.
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