Elon Musk says he's been supporting Dogecoin in response to people who are 'not that wealthy' asking him to do so

• Elon Musk says he backs Dogecoin because people who are "not that wealthy" asked him to do so.
• Dogecoin and other cryptocurrencies have plummeted in recent weeks.

Elon Musk is a vocal supporter of Dogecoin, and now he has explained exactly why he backs the cryptocurrency.

Speaking at the Qatar Economic Forum on Tuesday, Musk said he buys and backs it because people "who are not that wealthy" have asked him to, according to $4

"I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin," Musk said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the forum. "I'm responding to those people."

Dogecoin often fluctuates based on Musk's remarks on it. On Sunday, it $4 from near-record lows after Musk tweeted he'd keep supporting and buying the meme token amid $4 Last May, Dogecoin plummeted when Musk $4

Dogecoin $4 but gained more investors over the years partly thanks to tweets about it from figures like Musk, Mark Cuban, and Snoop Dogg.

Besides Dogecoin, Musk has also expressed his support for other cryptocurrencies. In October, Musk said $4 In January, Tesla $4 for some merchandise.

Last week, Musk was $4 by a Dogecoin investor accusing him of engaging in a "pyramid scheme by way of dogecoin cryptocurrency."

Musk did not immediately respond to a request for comment.