SpaceX, Elon Musk’s space transportation company, will also, like Tesla, accept dogecoin (DOGE) as a method of payment for merchandise. The billionaire announced this on Twitter yesterday:
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
“Tesla merchandise can be bought with Doge, soon also SpaceX merchandise,” said Musk. Then someone asked whether a subscription for Starlink, a broadband internet system that works via satellite, can also be paid with DOGE. Musk replied: “maybe one day.”
Dogecoin price shoots up briefly
This announcement made DOGE’s share price skyrocket. Before Musk posted the tweet last night, DOGE’s price was at $0.078. Less than a minute later, the price was already 16% higher at $0.09. However, the price immediately corrected almost as quickly. Nevertheless, the price of DOGE today with a price of $0.081 is still 4% in the plus.
It is now clear that Elon Musk has a lot of influence on the price trend. In this overview we have listed a number of examples of Musk tweets that have made dogecoin soar. DOGE’s share price rose even after announcing that Musk was in Twitter would invest.
However, it is also becoming clear that the influence of Musk’s tweets on the DOGE price is weakening further and further. Last year, these tweets still caused huge price jumps, but in recent months the effect has been a lot weaker and we usually see the price correct again immediately. Still, dogecoin rose 20% in December when Musk announced that Tesla was going to accept DOGE for merchandise.
Musk’s fondness for DOGE, meanwhile, seems to extend beyond just the meme aspect of the cryptocurrency† In a interview met TIME he indicated that he thinks Dogecoin is better than bitcoin (BTC) as a means of payment as DOGE has a faster transaction speed.
Tesla has in the past accepted bitcoin as a means of payment for electric cars, but quickly moved away from it due to a so-called concern about the carbon footprint of the Bitcoin network.
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