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Is his power waning? DOGE rises only slightly after tweet from Elon Musk



 A discussion broke out between Elon Musk and McDonald's on Twitter. The Tesla boss has offered to eat a Happy Meal live on TV if McDonald's accepts Dogecoin as payment.


Billionaire Tesla CEO Elon Musk has offered to eat a McDonald's Happy Meal live on TV if the fast-food giant accepts Dogecoin ( DOGE ) as its official payment method.


"I'll have a Happy Meal on TV if McDonald's accepts Dogecoin," the billionaire tweeted Tuesday . Shortly after Musk tweeted this, DOGE price rose 7 percent from $0.135 to $0.145.



Before that, Musk's tweets moved the market far more. Recently, DOGE jumped over 25 percent when it was announced that it would be accepted for Tesla merchandise. While the current downtrend may have something to do with it, this slower rise suggests that its power to move markets is waning.


About 10 hours later , McDonald's wryly replied : "Only if Tesla accepts Grimacecoin". This is a fictional coin that uses the purple McDonaldland mascot from the 1980s as its logo. The name of this mascot was "Grimace". Crypto opportunists have reacted quickly and have already minted the Grimace Coin (GRIMACE) on the Binance Smart Chain . (Disclaimer: It's usually not wise to buy a meme coin that was created in the last few hours.)


As always, the mainstream media was very quick to cover the billionaire's online behavior. The Wall Street Journal and The Independent further hyped Musk's crypto tweets.



Posting crypto memes related to McDonald's has become a trend lately . The fast-food giant is often mentioned in times of crisis in the crypto market, as influencers and investors joke in memes that they need a job at the fast-food chain after suffering significant losses.


El Salvador President Nayib Bukele recently took advantage of the drop and bought 410 bitcoin ( BTC ) at $36,000 each. He, too, joined the trend, uploading a poorly photoshopped picture of himself wearing a McDonald's hat and badge.


Crypto memes are generally meant to be funny. However, Musk has frequently used his massive reach of 71.5 million people on Twitter to roil the crypto markets. Earlier this month, Musk announced that Dogecoin would be officially accepted as a form of payment for merch on the Tesla website. This has caused a lot of volatility for the coin. His announcement in mid-2021 that Bitcoin would no longer be accepted as a form of payment at Tesla caused the markets to collapse at the time.


Musk's erratic Twitter behavior has been heavily criticized in the past. Binance boss Changpeng Zhao (CZ) explained : "Tweets that harm other people's finances are not funny and are irresponsible. "


Although Tesla owns over 42,000 BTC and bought it at an average price of $31,700 per coin, the Tesla boss is more supportive of Dogecoin. He recently told Time Magazine:


"Bitcoin is not a good substitute for transaction currencies. Even though it was created as a hoax, Dogecoin is better suited for transactions."


The billionaire went even further, emphasizing that Bitcoin's cost per transaction is high, while transaction volume is low compared to DOGE. That's why Musk believes Bitcoin is better as a store of value and DOGE better for spending and transactions.

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