SpaceX will accept Dogecoin as the CEO Elon Musk noted, despite the bearish market and we can even see prices moving upwards thanks to the tweets so let’s read more today in our latest Dogecoin news.
SpaceX will accept Dogecoin as payment for merchandise alongside Tesla. Elon Musk Tweeted on Friday:
“Tesla merch can be bought with Doge, soon SpaceX merch too.”
As expected, DOGE’s price shot up after the announcement while only three minutes before the tweet, the meme coin was trading at $0.078 as per CoinGecko. By 11:50 a.m it surged to $0.084 marking an 8% rise. The pump was somewhat short-lived and the price of DOGE is now around $0.080 which is still a good increase of over 1% for the day for DOGE while the rest of the market is down for the day. Tesla’s CEO wielded strong influence over DOGE’s price since last year and after announcing the company’s strong influence over Doge’s price after announcing the $1.5 billion BC purchase in 2021, he followed up with a series of bullish tweets about the cryptocurrency that coincided with the rise to the top three cryptos by market cap.
The coin is yet to return to those highs so the power of Musk’s tweet remains evident. The coin underwent a 20% surge when Musk announced Tesla will accept DOGE for merch. A few months before that, the DOGE killer Shiba Inu dropped when Musk revealed that he owned none of the tokens. The CEO’s love for DOGE is evident as he even once suggested that Dogecoin was superior to BTC as a medium of exchange because of the higher transaction throughput. Musk also advocated for increasing the blockchain’s storage space so that more DOGE transactions can be processed at a time:
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X.”
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
Rather than increasing the block size, Bitcoin’s developers chose to support the scalability with layer-2 technologies like the Lightning Network which allows for cheaper and faster Bitcoin transactions to be processed off-chain. Musk stated that such a solution can allow Bitcoin to scale to do a vast number of transactions. Tesla also accepted BTC as a means of payment for vehicles but then shortly after suspended those operations because of concerns about Bitcoin’s environmental footprint.
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