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Dogecoin surges after Elon Musk tweets about Doge, Tesla & SpaceX

 


Tesla CEO Elon Musk announced via Twitter on Friday that his space exploration company Spacex will soon accept Dogecoin as payment. This increased the value of the Dogecoin. Shortly after the tweet, Dogecoin surged as much as 10 percent to nearly 9 cents, partially correcting Thursday's 6.14 percent drop when DOGE closed the day at $0.0814.


“Tesla merch can be bought with DOGE, and soon SpaceX merch too,” the billionaire tweeted on Friday.


Musk also stated that Spacex's Starlink memberships could "one day" be paid for with Dogecoin. According to its website, Starlink is a satellite-based broadband internet system that provides "high-speed, low-latency broadband internet in remote and rural areas around the world."

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The "Musk Effect" on Dogecoin

However, the rally was not particularly long-lasting. DOGE's current price is around $0.081. That still means a little over 1 percent up for DOGE while the rest of the crypto market continues to retreat.


This isn't the first time Musk has had an impact on DOGE's price. In response to Tesla CEO plans to take over Twitter, the meme-inspired cryptocurrency surged into the top 10 by market cap last month.


In December, his statement that Tesla items can be purchased with DOGE led to a 32 percent increase in DOGE prices. Since early 2021, the self-proclaimed “DoGFather” has had a significant impact on Dogecoin price.


After announcing Tesla's $1.5 billion Bitcoin purchase in February last year, he released a series of enthusiastic tweets about the cryptocurrency, correlating with its subsequent but fleeting rise to the top three cryptocurrencies by market cap.


Tesla used to accept bitcoin to buy goods, but stopped doing so due to criticism from environmental groups. Musk announced last June that the electric vehicle company would resume accepting Bitcoin if the cryptocurrency's miners can guarantee 50 percent clean energy usage. Since then, however, the issue has been shelved.

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