If you invested in the crypto markets over the last year or so, and you kept your money there, then you have probably taken massive losses over the past few weeks. Bitcoin is dropping at an absurd rate and so is Ethereum. These are the two blue-chip cryptocurrencies and when they fall, the whole market falls with them.
One cryptocurrency that everyone knows about by now is Dogecoin. In 2021, Dogecoin was able to reach an impressive all-time high of 65 cents, with some feeling that it could get to $1. Of course, that never happened, and now, the Elon Musk-endorsed currency sits at a measly 6 cents.
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Despite this fall from grace, Musk seems to be fully behind the meme coin. While taking to Twitter, Musk simply wrote "I will keep supporting Dogecoin." There was a time when Tesla considered taking Dogecoin as payment for its cars, however, that never actually came to fruition.
Now, the cryptocurrency market is in shambles, and the pyramid scheme accusations are more prominent than ever before. While some say it's simply the market cycle playing out, others believe this could be indicative of a much larger trend.
Either way, Musk is the richest man on the planet, so what does he care if a bunch of people lost money on the coin he told them to buy?
