Tesla to Accept Dogecoin Payments, Musk's Support Drives Its Price Surge
Dogecoin, the cryptocurrency initially created as a joke, has surged to unprecedented heights following a surprising endorsement from Elon Musk, also known as the‘Dogefather.’Musk, during a press conference, announced that Tesla, his electric vehicle manufacturing company, will soon accept payments in Dogecoin.
Previously, in 2021, the Dallas Mavericks announced that they would start accepting Dogecoin as a form of payment for purchasing game tickets and team merchandise
Dogecoin has risen by 6.6% in the past few hours and surged by 20% over the past seven days
Since Musk's announcement, Dogecoin has experienced a 6.6% increase in the past hours and a remarkable 20% surge over the past seven days. At $0.1781, its current price marks a significant jump, accompanied by a notable 20.46% increase in trading volume. However, Dogecoin still remains 75.24% below its all-time high of $0.7376 reached in May 2021.
Elon Musk Backs Dogecoin at "We Are Giga" Event, Teases Possibility of Tesla Accepting It in Future
Speaking at the ‘We Are Giga’ event in Texas, Musk vocally supported Dogecoin, exclaiming "Dogecoin to the Moon" to an enthusiastic audience. Responding to a question about purchasing a Tesla with Dogecoin, Musk expressed openness to the idea, stating that it could be enabled in the future. He emphasized his ongoing support for Dogecoin, describing it as "people's crypto," despite the widespread billionaire backing for Bitcoin.
Dogecoin reclaims its spot among the top ten cryptocurrencies by market cap
As February came to a close, Dogecoin reclaimed its position among the top 10 cryptocurrencies by market capitalization. Investors' optimism soared as they anticipated Musk's continued backing of the memecoin, with their hopes now realized.