Dogecoin Skyrockets as Elon Musk Announces It as a Tesla Payment Option

Dogecoin Skyrockets as Elon Musk Announces It as a Tesla Payment Option

Tesla, the electric vehicle manufacturer, will now be accepting dogecoin as a payment for goods on an experimental basis.

Tesla CEO Elon Musk’s comments on Tuesday boosted meme-based crypto by 24 percent.

Tesla will manufacture some merch buyable with Doge & see how well it goes.

Following the post, Dogecoin soared to $0.20. As per Coinbase data, Elon’s tweets about the crypto, including the one where he called it the “people’s crypto,” pushed the coin rocket 5,859% in the year 2020. Tesla sells apparel, ‘Giga Texas’ buckles for belts, & little duplicates of its cars, as well as odd limited-edition items such as the ‘Cyberwhistle,’ which is inspired by the firm’s most anticipated cybertruck. It has recently launched a quad bike for kids called Cyberquad, which is inspired by the truck.

Elon asked fans on Twitter in May whether they intended Tesla to adopt Dogecoin in a Twitter poll.

Tesla had previously stated that it would no longer accept bitcoin for vehicle sales, less than 2 months after it started receiving the world’s largest virtual money as payment. During a special appearance on the sketch comedy TV show “Saturday Night Live” in May, he described dogecoin, a meme-inspired cryptocurrency, as a “hustle,” driving its prices insane. The meme-inspired crypto increased by up to 23 percent on Tuesday as Elon Musk announced that Tesla would take dogecoin as payment for many of its items. It was the last trading up 18.9 percent. Dogecoin was created in 2013 as just a joke by its own founders Billy Markus & Jackson Palmer. Its trademark is based on the Japanese Shiba Inu dog, which sparked the classic “doge” meme.

Elon’s remarks and a surge in novice investment opportunities spurred a speculating craze in the crypto early this year, propelling its prices up.

Dogecoin rose from a value of less than a cent just at the beginning of the year to a peak of more than 74 cents in May. It has now dropped precipitously – at only 20 cents per coin, the token is fallen more than 70 percent from its all-time peak. You can check the entire dogecoin analysis here by CryptoNewsZ.

As per cryptocurrency news, investors believe dogecoin is a fad comparable to “meme stocks” such as GameStop & AMC and should not be taken more seriously.

Shiba Inu is a so-called meme token that promotes itself to be a “dogecoin killer,” which has just emerged as a competitor to Dogecoin. Shiba Inu is now the 13th-largest coin by market price, momentarily surpassing dogecoin.

Musk has frequently praised dogecoin and stated that it is superior for payments, most notably in a conversation with Time magazine, which controversially elected Musk ‘Person of the Year’ for the year 2021.

You may also like

Popular News