- Tesla CEO Elon Musk has had considerable influence on the Price of Dogecoin.
- The CEO’s fondness for DOGE may be more than just a passing fad.
Elon Musk’s SpaceX and Tesla will both accept Dogecoin as payment for items soon; he tweeted Friday, “Tesla merch can be bought with Doge, soon SpaceX merch too”. “Maybe one day,” he said when asked whether DOGE might be used to pay for Starlink subscriptions, a broadband satellite internet service.’
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
After the news, Dogecoin’s value soared quickly. A few minutes before the tweet was sent at 11:24 a.m. ET, the meme currency, was trading at $0.078 on CoinGecko. Approximately eight percent higher by the time it reached $0.084 at about 11:50 a.m. On the other hand, the pump only lasted for a short time. Currently, the Price of Dogecoin is about $0.080. While the rest of the crypto market is down significantly, this still represents a gain of just over 1% for DOGE on the day.
Musk Can Still Inspire
Since early last year, Tesla CEO Elon Musk has had considerable influence on the Price of Dogecoin. His corporation purchased $1.5 billion worth of Bitcoin in February 2021, which coincided with the ascension of Dogecoin to a top three cryptocurrency by market valuation. He followed up with a series of positive tweets about Dogecoin.
There is no doubt that the tweets of Tesla CEO Elon Musk still can inspire. In December, when Musk indicated that Tesla would soon take DOGE for goods, the token surged another 20%, which he repeated today. Before that, when Musk stated that he did not hold any of the phoney Shiba Inu Dogecoin killer tokens, its value plummeted by more than 50%. The CEO’s fondness for DOGE may be more than just a passing fad. On TIME in January, Musk said that Dogecoin was a better means of trade than Bitcoin because of its greater transaction throughput capacity.
