Elon Musk reaffirms his support for Dogecoin and the price of DOGE increases

Elon Musk responded “Dogecoin to the moon” when asked about the famous Bitcoin parody. Elon Musk also said that Twitter wanted to facilitate transactions with the meme currency.

The price of DOGE has risen nearly 5% in the past 24 hours, currently trading at $0.104. It remains the eighth largest crypto-currency by market capitalization after overtaking Cardano (ADA).

Dogecoin saw a significant price spike in October due to Musk’s completion of the $44 billion acquisition of Twitter. The market had expected the billionaire to incorporate the $14 billion meme currency into his platform.

However, the price of Dogecoin slipped after Twitter shelved plans to integrate a native crypto-currency wallet following the buyout by Elon Musk.

Musk’s most recent comments should be reassuring to DOGE owners, as they signal that the billionaire has no plans to abandon the meme currency at this time.

Last year, in an interview with Time Magazine, Elon Musk had stated that Dogecoin was better suited for transactions compared to Bitcoin. The entrepreneur felt that the largest crypto-currency was not a good substitute for a transactional currency.

Tesla and SpaceX began accepting Dogecoins for goods earlier this year.