Dogecoin’s value surged more than 20 percent on Tuesday after Tesla CEO Elon Musk announced the company would accept the meme-based cryptocurrency as payment for items on a trial basis. “Tesla will make some stuff buyable with Doge & see how it goes,” tweeted Musk. The carmaker’s shares were down 3% in early trade, as the market as a whole fell.
A popular meme-based cryptocurrency, Dogecoin, surged to $0.20 following the tweet. Meme coin has soared 5,859 percent over the past year thanks to tweets from Tesla CEO Elon Musk, including one where he referred to it as “the people’s crypto.”
“For a long time, Elon Musk has been a vocal supporter of the crypto community. As a result of this announcement, the use of altcoins will spread, and a new era in business will begin. “The co-founder of Bitcoin IRA, Chris Kline, said this.
Dogecoins can be used to purchase a wide range of products, ranging in price from $50 to $1,900, according to Musk.
Limited-edition goods like the ‘Cyberwhistle,’ which is based on Tesla’s upcoming Cybertruck, are also for sale on the company’s online store. Cyberquad, a kid’s quad bike based on the truck, was just released by the company.
In an interview, which named him “Person of the Year” for 2021 on Monday, Musk backed Dogecoin and stated it was superior for transactions.
Earlier this year, he tweeted a poll to see if people wanted Tesla to take dogecoins. When he was a guest host on “Saturday Night Live” in May, he used “hustle” to describe Dogecoin.
This year’s retail selling frenzy has seen a lot of activity on Twitter from Tesla CEO Elon Musk, who has over 66 million followers.
After less than two months of taking the world’s most popular digital currency for payment, the electric vehicle manufacturer has ceased accepting bitcoin for car purchases.
According to Tom Martin, a senior portfolio manager at Globalt Investments, “This is more or less commotion at Tesla.” In my mind, it’s either a form of comedy or a prank.
According to Bloomberg, the “meme” cryptocurrency Dogecoin, with its Shiba Inu dog picture as its logo, has been supported by Elon Musk. Its popularity has risen because of the tweets from the wealthiest person in the world.