World’s richest influencer, well you can call him that, and Tesla founder, Elon Musk in a series of tweets was praising Dogecoin and said Tesla will accept payment in the digital currency for some products. The tweets sent Dogecoin’s price racing by 20 per cent.
Dogecoin’s price traded at 0.21 per cent with a market cap of N10.721trillion which is an all-time high of N125 for the cryptocurrency.
As Musk’s company, Tesla pondered making some products accessible for purchase using Dogecoins, he sparked the meme coin.
Musk has long been a supporter of the cryptocurrency and has invested in it. In May this year, he asked his follows on Twitter if they thought Tesla should accept Dogecoin as payments, and more than three-quarters said yes. The next major feedback came as he tweeted, “Tesla will make some merch buyable with Doge & see how it goes.” Because of this, Tesla takes the unusual step of accepting just Dogecoin as a cryptocurrency. The Tesla founder runs the danger of angering Bitcoin enthusiasts, as he previously authorized and then banned Bitcoin purchases for Tesla automobiles due to an environmental issue.
Musk also declared that Dogecoin is “better suited for transactions” than Bitcoin, after being named TIME Magazine’s “Person of the Year” this week,
Musk said “The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,” Musk added to a longstanding record of public praise of DOGE.