Crypto Corner: Elon Musk, the Dogefather returns

Elon Musk, the self proclaimed Dogefather is boosting enthusiasm around the crypto coin as he tweeted that users can buy Tesla merchandise using the digital token.

An ardent backer of the dogecoin Elon Musk has vocally supported the crypto coin on social media repeatedly. Though Tesla's ownership of Bitcoin which was a $1.5 bn investment in 2021 is publicly disclosed, how much Musk personally owns in any crypto is unknown.

Netizens speculated that the world's richest man is pumping up the Doge price to be able to 'pump and dump' in order to fund part of the Twitter Takeover. As per reports Musk owns 36 billion DOGE - some 28.27% of the total circulation.

Doge is near it's lowest levels since April 2021. The price is down around 50% from the end of year level and well below the all-time high from 2021 at 0.74 vs 0.08 right now.