Mask writes that he will continue to support Dogecoin on Twitter (Photo: AP).

The value of cryptocurrencies has risen after Elon Musk wrote on Twitter that he would continue to buy them.

On Sunday, Musk tweeted that he would “continue to support Dogecoin” within 24 hours, with meme coins rising by about 8.5%.

In response to another Twitter user who told Mask, “If so, keep buying it,” the millionaire replied.

Just an hour after Muskellunge tweeted, Dogecoin jumped to $0.056 after posting all-time lows last month.

Last week, the market value of cryptocurrencies fell below $1 trillion for the first time since January 2021.

Bitcoin, the largest cryptocurrency, hit an 18-month low of $23,750. According to CoinDesk, the value of Bitcoin on Sunday fell from $20,000 on Saturday to $18,300.

The global cryptocurrency market hit $2.9 trillion in November 2021, but has steadily declined this year.

Musk had previously posted several tweets in favor of Dogecoin, calling it a “favorite.” He even said that he “bought Dogecoin” for his son XÆA-Xii.

In 2021, Musk said that his electric car company, Tesla, would start paying for goods with Dogecoin. This story increased the value of meme coins by 25%.

Dogecoin currently has a rating of 500,050, down from its peak in May 2021.

Musk was filed in a $920.9 billion proceeding last week on suspicion of “rat reading of Dogecoin.” Investors dissatisfied with Dogecoin filed a lawsuit claiming that Musk violated Dogecoin and raised the price but allowed it to drop.


What is Dogecoin?

Dogecoin is a cryptocurrency based on the popular “doge” meme and features the Shiba Inu logo.

The open source digital currency was created by Billy Marcus and Jackson Palmer in December 2013. The creators of Dogecoin considered it a more attractive, fun, and light cryptocurrency beyond Bitcoin’s core audience because it was based on dog memes.