SpaceX will Accept Dogecoin: Elon Musk recently announced via Twitter that SpaceX, following in the footsteps of Tesla, will soon start accepting Dogecoin for purchasing merchandise. This news caused a nearly 10 percent surge in the value of the meme-inspired cryptocurrency.
In his tweet, Musk mentioned that Dogecoin could be used to buy Tesla merchandise and revealed that SpaceX would soon follow suit. This announcement led to a quick spike in Dogecoin’s price, rising as much as 10 percent initially before settling at a 7.7 percent increase.
Musk’s vocal support for Dogecoin and cryptocurrencies in general has made him a significant influencer in the crypto market. His tweets often lead to fluctuations in the value of various tokens.
This isn’t the first time Dogecoin has experienced a surge in value following one of Musk’s tweets. In December of last year, the price of Dogecoin rose by as much as 33 percent after Musk announced that Tesla merchandise could be purchased using Dogecoin.
As of Monday morning, Dogecoin was trading up by 4.17 percent at $0.08431, with a 24-hour trading volume of $421,396,351, according to CoinMarketCap.
Dogecoin, launched in 2013, started as a joke but has since gained significant popularity, especially after receiving endorsements from celebrities like Elon Musk, Snoop Dogg, and Gene Simmons. Despite its humorous origins, Dogecoin’s blockchain technology is based on Litecoin, and it boasts features such as a low price and an unlimited supply.
The recent surge in Dogecoin’s value can also be attributed to the overall increase in the value of cryptocurrencies like Bitcoin and Ethereum. Musk’s ongoing support for Dogecoin, along with the backing of platforms like Robinhood, has further propelled its mainstream adoption. At one point, Dogecoin briefly surpassed XRP to become the fourth-largest cryptocurrency by market capitalization. With Musk’s continued endorsement and strong community support, Dogecoin’s popularity and value continue to soar, surpassing even that of Bitcoin in terms of Twitter activity earlier this year.
