Tesla CEO Elon Musk stated that the electric-car manufacturer will accept dogecoin for payment, which could cause the cryptocurrency to rise by up to 33%
Elon Musk’s Revelation Sends Dogecoin Up 30%
Prior to Musk’s revelation, the price of Dogecoin was declining, but it immediately soared by as much as 30%. Coinmarketcap reports that it rose 26% to $0.2092, according to the cryptocurrency statistics site.
Musk stated in an interview tweet:
“Tesla will make some merch buyable with Doge & see how it goes.
Tesla CEO Elon Musk has been an avid supporter dogecoin since its inception. It is a cryptocurrency that’s based upon a Japanese Shiba Inu dog. The joke was started by 2013.
Tesla sells t-shirts, ‘Giga Texas’ belt buckles, and miniature models of its vehicles, as well as unique limited-edition items like the ‘Cyberwhistle,’ which is based on the company’s much-anticipated Cybertruck. It just released a kid’s quad bike called the ‘Cyberquad,’ which is based on the truck.
In the following Twitter pollMusk asked the public in May if they would like Tesla to take dogecoin. During his guest-hosting stint on the “Saturday Night Live” comedy sketch TV show in May, he referred to dogecoin as a “hustle.”
Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?| Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?
Musk made these remarks in a May tweet that he was collaborating with dogecoin developers to increase the system’s efficiency. Dogecoin’s prices increased by 22%. Then, in June, he tweeted that it was “critical to support” a proposal to lower Dogecoin fees, making the cryptocurrency more competitive with other cryptocurrencies.
Musk, who has more than 66 million Twitter followers, has been heavily involved in this year’s retail trading craze, tweeting about cryptocurrencies and assisting in the movement of their prices.
Musk did it again | DOGEUSD on TradingView.com
Musk named Person of the Year
On Monday, the world’s wealthiest man was selected as Person of the Year by Time’s Magazine. The publication called Musk “clown, genius, edgelord, visionary, industrialist, showman, and cad.”
Musk claimed that the use of dogecoin to transact is superior to bitcoin. The Tesla CEO stated that BTC was better as a value store. He also said he “doubts that crypto will replace fiat currency.”
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Tesla had still $1.26 BTC at its balance sheet as of the end Q3. DOGE isn’t owned by the corporation. Musk has stated previously that DOGE is not his.
Featured image taken from iStockPhoto. Charts from TradingView.com