TL; DR Breakdown
- Dogecoin surged 20% after Elon Musk announcement
- Tesla will add Dogecoin as a payment option
- Meme token continues to surge off Elon Musk support
Digital assets have continued to be the go-to instruments for many things in the financial sector in the last few years. Ranging from exchanges to payments, people across the economy are now using the assets for their use cases. Tesla CEO Elon Musk recently took to Twitter to announce that the platform would start accepting payments in Dogecoin. According to his tweet, Musk mentioned that anybody interested in buying Tesla merchandise would be open to doing so with Dogecoin as one of the payment options.
Tesla will add Dogecoin as a payment option
This recent news is coming off the back of a recent interview that the Tesla CEO granted. He cited the advantages of Dogecoin being a better payment method ahead of Bitcoin. He gave the interview after TIME magazine confirmed that the Tesla boss has beaten off competition from other parties to be awarded its Man of the year. Since his announcement on Twitter, the meme coin has witnessed a massive spike, increasing 20% in the last 24 hours.
Elon Musk has been a famed backer of the meme coin for a long time. Before giving the asset his full backing, he was pretty optimistic about Bitcoin. However, at an interview in May, he switched course, saying that Dogecoin has the maximum potential to push Bitcoin out of its place at the top. To achieve this, Musk advised developers to put in more work on the digital asset and even went as far as putting in work with them.
Dogecoin continues to surge off Elon Musk’s support
According to Elon Musk, one of his aim for Dogecoin is to ensure that it uses a more friendly approach to the environment in terms of mining. Elon Musk also called himself the Father of Dogecoin while trying to tell his followers that he would be a guest on Friday night live. In return, the token has always seen a massive climb anytime Elon Musk tweets or says anything regarding the asset.
According to data from various analysis platforms, Elon Musk has been responsible for more than 20% of the asset move upward in the crypto market. In the last few weeks, the meme coin has been moving in an upward surge with top digital assets, delivering gains to traders in the crypto market.