Dogecoin price spikes 20% after Elon Musk says Tesla will accept it as payment for its merchandise

In a tweet, the Tesla CEO says he is “considering” accepting Dogecoin payments. Analysts are skeptical that this will happen anytime soon and suggest it could be a ploy to pump up the value of DOGE as an investment opportunity.

Elon Musk, CEO of Tesla and SpaceX, said that the company will accept Dogecoin as payment for its merchandise. The price of the cryptocurrency has spiked 20% in response to this announcement. Read more in detail here: elon musk dogecoin.

Elon Musk’s recent tweet accepting Dogecoin as payment for select Tesla merch has had a significant influence on Dogecoin pricing. Following Musk’s tweet, the token has soared beyond 20% and is now trading at $0.1807.

Musk has been a vocal supporter of Dogecoin, claiming that it is superior than other cryptocurrencies at the moment.

“Bitcoin is not a suitable alternative for transactional cash at its core.” Dogecoin, despite its origins as a joke, is better suited for transactions.” In an interview with Time Magazine, Musk said.

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Dogecoin prices have soared beyond 20% as a result of Musk’s remark.

This isn’t the first time Musk’s comment has influenced Dogecoin pricing. Musk’s post in August referring to Dogecoin as one of the strongest cryptocurrencies had an impact on its values, with investors reporting that Dogecoin prices had risen dramatically after Musk’s comment went popular on social media.

Musk is known as the Dogefather because of his ability to influence Dogecoin values via his tweets. One of his social interactions on Twitter identifying Dogecoin as “people’s crypto” caused the currency to skyrocket by 5859 percent.

Dogecoin started trading in 2013 after being inspired by a Japanese Shiba Inu meme, which led to the currency’s name being changed to Dogecoin.

Musk hasn’t published the names of the products that can be bought with Dogecoin yet. The electric vehicle manufacturer has long been a proponent of Dogecoin, and he has publicly stated his affection for the meme currency by revealing his private holdings, which include significant sums of Bitcoin, Ethereum, and Dogecoin.

The SpaceX CEO had previously said that Bitcoin payments will be sent to Tesla, but then reversed his comment due to environmental concerns. Following Musk’s post, Bitcoin values fell by 17%, demonstrating the powerful influence that Tesla’s CEO has on a variety of cryptocurrencies.

I got several ascii hash strings named “Bitcoin, Ethereum, and Doge” out of curiosity. That is all there is to it.

As I’ve previously said, don’t put all your eggs in the crypto basket! Building things and offering services to your fellow humans, not money in any form, is what true value is all about.

October 24, 2021 — Elon Musk (@elonmusk)

According to research, Dogecoin’s price, which had been on the fall, increased by almost 20% as a result of Musk’s post. Doge is now trading at $0.1807, while Bitcoin and Ethereum have dropped 1.70 percent and 3.01 percent in the last 24 hours, respectively.

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Elon Musk has said that Tesla will accept Dogecoin as payment for its merchandise. This caused the price of Dogecoin to spike 20%. Reference: elon musk cryptocurrency.