Elon Musk Seemingly Reveals Plans For Dogecoin Amid Harsh Crypto Market

Tesla CEO Elon Musk seemingly bared his plans for the dog-themed meme coin Dogecoin in several tweets, assuring investors that despite the harsh crypto market that has sent prices plummeting, DOGE still has the billionaire's support.

To say the crypto market is harsh these days is quite an understatement considering that it has lost trillions of dollars in just a matter of days. Dogecoin, the favorite crypto asset of Musk, is among the casualties with its current price down a massive 93% from its all-time-high of $0.731578.

But while amateur investors are dumping stocks to at least be spared from the carnage, "diamond hands" investors hold their investment, taking advantage of the dip and buying more stocks.

Musk's tweets saw the DOGE price surge momentarily to $0.05745 and among these tweets is a declaration of support for the world's first meme coin. "I will keep supporting Dogecoin," Musk's tweet Sunday read, and when a follower told him to keep buying the crypto asset, he replied that he is actually buying the dip with a follow-up tweet "shadow crew."

The Tesla CEO also seemingly indicated that he wanted to see more utility for Dogecoin, noting: "More currency-like" and adding "Tesla and SpaceX merch, maybe more down the road." Although Musk's tweets did not reveal many details, they showed that the billionaire has a vision for DOGE.

A part of this plan may have been revealed in Musk's first meeting with Twitter employees on Thursday. He brought up the possibility of integrating a payment system into the micro-blogging platform, which supports crypto payment. He noted that it "would make sense to integrate payments into Twitter so that it’s easy to send money back and forth" adding that it could feature support to "currency as well as crypto."

Twitter already added Bitcoin and Ethereum to its tipping feature and sometime in April Musk toyed with the possibility of Twitter accepting DOGE as a form of payment for Twitter Blue.

Musk's tweet saw a rise in the price of Dogecoin and as of 5:11 a.m. ET on Sunday, it was trading up 7.76% at $0.05657, with a 24-hour volume of $947,460,146, based on data from CoinMarketcap.