Dogecoin Soars on Elon Musk's Hint at Tesla Payments
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Dogecoin Soars on Elon Musk’s Hint at Tesla Payments
Dogecoin surges on Musk's Tesla payment hint, sparking investor frenzy.
Dogecoin, the memecoin that has captured the imagination of crypto enthusiasts worldwide, experienced a remarkable surge in value on Thursday following Elon Musk’s comments suggesting Tesla could soon accept the cryptocurrency as payment for its electric vehicles.
The significant price surge happened when Musk spoke at the opening of Tesla’s Gigafactory in Berlin, Germany. When asked if it would be possible to pay for Tesla cars with Dogecoin, the tech billionaire said yes, saying:
“At some point, I think we should enable that.”
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.”pic.twitter.com/Suk7bifuHC
— Sir Doge of the Coin
(@dogeofficialceo) March 14, 2024
Elon Musk’s Tesla Hint Sends Cryptocurrency Soaring
Musk’s remarks, which were promptly shared across social media platforms, ignited a frenzy among Dogecoin investors and supporters. Within 30 minutes of the announcement, the cryptocurrency’s value skyrocketed by an impressive 11%, soaring from $0.1712 to $0.191.
This is not the first time Musk has shown support for Dogecoin. In Jan. 2022, Tesla started accepting Dogecoin as payment for its products, an important event for the cryptocurrency’s dedicated community.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
Musk has often called Dogecoin “the people’s crypto,” which suggests he wants to support a cryptocurrency favored by the general public more than those backed by wealthy investors.
Tesla’s payment method might use Dogecoin, but the specifics and timeline remain unclear after Musk’s recent comments. Still, the recent rise in cryptocurrency prices shows how much power Musk has in the volatile world of digital assets.
According to CoinMarketCap data, Dogecoin is trading at $0.184 as of press time, reflecting an approximately 10% increase over the past 24 hours.
Source: CoinMarketCap
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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