Dogecoin, just like any other cryptocurrency nowadays, has been declining in price.

In the current depressed state of the cryptocurrency market, Dogecoin has a supporter in the person of none other than the well-known entrepreneur and currently the richest man in the world, Elon Musk. Although for crypto enthusiasts, this is not quite a surprise.

Elon Musk, CEO of Tesla and SpaceX, has once again stated his dedication to the cryptocurrency Dogecoin (DOGE). Despite a general decline in the price of cryptocurrencies, the value of dogecoin increased after he made his statements.

Musk has always been known to be quite a character on Twitter. From trolling around, posting memes, and publishing frank beliefs, he has attracted more than 98 million followers on the social media platform. The CEO is also well-known for his immediate influence on stock and cryptocurrency prices.

Dogecoin Dip

Dogecoin has gained relatively acclaimed and influential support over the Father's Day weekend, confessing its belief and support in the platform.

As the current crypto rout continues, Bitcoin and Ethereum are both down over the weekend.

Yesterday, June 19, Dogecoin prices dipped as low as $0.050027. Although DOGE price is now at $0.059932, as seen on CoinDesk.

On that same Sunday, Elon Musk went to Twitter and wrote his support for Dogecoin. The Tesla and SpaceX CEOs tweeted, "I will keep supporting Dogecoin."

 A Twitter follower quickly replied to that tweet, stating, "Keep buying it then." It looked like the CEO was up to the challenge. However, to the surprise of many, he recently admitted that he is currently buying the dip.

With that public trust tweet, it was reported by Decrypt to boost Dogecoin's price up to 8%.

According to Decrypt, 5.8 cents is a long way from the 72 cents that Dogecoin reached in May of last year, when Musk hosted "Saturday Night Live," when Dogecoin was mentioned in both his opening monologue and on Weekend Update.

At that time, Dogecoin's price had reached its all-time high. This show of support in the cryptocurrency industry is seen by some analysts of the market as an excellent opportunity to purchase cryptocurrencies while their prices are still low.

Yesterday, June 19, Ethereum's price was below the $1,000 threshold, dipping so low to $902. As of writing this today, Ethereum's price went back up to $1,124.

Bitcoin also experienced the same dip over the Father's Day weekend, at $17,786. Although Bitcoin's price today has recovered a little, $20,725.

Read Also: Crypto Rug Pulls: The Biggest NFT Scams Yet

Dogecoin and Tesla

Dogecoin was considered by Elon Musk as a form of payment for Tesla's merchandise. Musk tweeted, "Tesla merch buyable with Dogecoin."

A month ago, Musk stated that SpaceX would soon accept DOGE for the purchase of items, and he also suggested that Starlink subscriptions may soon follow.

Dogecoin has long enjoyed Musk's support as an advocate. In the world of cryptocurrency, many refer to him as "the Dogefather." He is of the opinion that DOGE is the cryptocurrency of the people and that it has the potential to become a currency.

According to Bitcoin.com, an investor in Dogecoin filed a lawsuit against Elon Musk, Tesla, and SpaceX last week for their promotion of the meme coin.

The class-action lawsuit seeking 258 billion dollars in damages argues that Musk and the corporations he controls wrongly and deceptively represent that Dogecoin is a genuine investment when in reality it has no value at all.

The plaintiff says that Musk, Tesla, and SpaceX are running a crypto-pyramid scheme using the cryptocurrency Dogecoin.

Related Article: 46,000 Americans Have Reported Lost More Than $1 Billion to Crypto Scams