Musk said on Sunday that he would continue to buy doge coin.
The coin went up about 8.5% in a day after Musk said he would keep supporting it.
He replied "I am" when asked if he would keep buying it.
The coin went from $0.06 to $0.056 in an hour, thanks to Musk's message.
—Elon Musk (@elonmusk) June 19, 2022
The rebound in other cryptocurrencies is related to the losses they have suffered.
After a 12-day losing streak, which was the longest in the history of the virtual currency, it was trading at $18,300 on Sunday. The price had been as low as $17,600.
After falling as low as $880, ether rose to trade at $965.
The rises represent a fraction of the losses that have been given up by the two biggest players in the market. Doge coin is down.
Dogecoin was started as a joke but has gained fans since Musk began to champion the coin.
Dogecoin's makers told Decrypt last year that they were working with Musk to make the coin cheaper and more sustainable.
The coin went from a record high of $0.72 to $0.33 in a week after Musk jokingly labelled it a "hustle" on SNL. The currency went up after news first broke of Musk's plan to buyTwitter.
Musk is being sued for $260 billion by a doge coin investor for pretending the coin has value to drive up its price.
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