Tesla to accept Dogecoin, Elon Musk is one of the most influential people in tech, and after he took to Twitter again to fuel the rally in #Dogecoin, it shot up more.
Elon Musk ignited the meme coin as Tesla was eyeing to make some merchandise buyable with Dogecoins. Elon Musk looks ahead while they work on it over
Tesla’s boss sent out a tweet mentioning the possibility of Tesla working on blockchain-based auto-pilot technology. The bullish behavior of Dogecoin was caused by this tweet, rising in price to $0.195 from $0.156, before it temporarily declined after some time.
Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
Tesla to accept Dogecoin
“Elon Musk did bat for the suitability of Dogecoin for payment transactions in the recent Time magazine interview,” said Sharat Chandra to IndiaTimes “His tweet, therefore, did not surprise many.”
The tweet of Elon Musk has caused the hype and piqued interest in Dogecoin which is now by market cap the third largest cryptocurrency after only XRP and Polkadot with a significant lead over BTC.
As mentioned earlier, Dogecoin was commanding a market cap of $26 billion as of 16.35 IST on Tuesday
Elon Musk was named Time magazine’s Person of the Year for 2021 and said in his interview that cryptocurrency Dogecoin is better during transactions than Bitcoin.
Musk is considering adopting Doge as an alternative to payments due to the costs of sending money, said Dileep Seinberg, Founder & CEO of Think Chain, a blockchain and crypto consulting firm.
Elon Musk founded Paypal, among many other companies, and is a well-recognized “payment fintech business” in its own right.
“Bitcoin is a high-cost business for transactions, whereas Dogecoin offers low-cost solutions in order to gain popularity,” Seinberg added. Dogecoin may become a more sought-after coin on the cryptocurrency market and move up in value over the next few months.
Musk made mentioning his three most popular cryptocurrencies, Bitcoin, Ethereum, and Dogecoin. He also reiterated that he has an interest in these three only- and nothing else!