Elon Musk’s love for Dogecoin is not at all new and yet again, the billionaire’s tweet has sent the cryptocurrency up more than 40% on Tuesday after he announced that Tesla Inc. (TSLA) will now accept DogeCoin as a form of payment for merchandise.
Musk tweeted that his EV company will try out dealing in the meme-based cryptocurrency, “Tesla will make some merch buyable with Doge & see how it goes.” Earlier on Monday, Musk said during an interview with Time that he prefers DogeCoin over Bitcoin.
Tesla had announced that it will keep on accepting Bitcoin for transactions but the company has not updated on the plan since then and people-in-the know think that the plan has been shelved. However, Musk reopening the conversation during the Saturday Night Live did spark up a few heads.
DogeCoin marked its all-time high on the market in May when the stock sore close to 74 cents per share on the market. However, the fever has died down since then, and presently, the stock is around a meager 18 cents.
While there are critics of the DogeCoin, which was created by Billy Markus and Jackson Palmer as a meme currency inspired by a social media phenomenon back in 2013, Musk’s love affair with the coin is believed to be enough to send the stock soaring. If the tweet implies that this is a pilot run to a bigger deal, DogeCoin will surely gain more market capitalization in the future.
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