Elon Musk, the newly anointed Doge King, continues to fuel the rally in Dogecoin through a Tweet. In a tweet on December 14, 4:04 Pm, Elon Musk revealed that the company will make Dogecoin (DOGE) a form of payment for some of its merch.
Times Magazine recently named Tesla CEO Elon Musk the person of the year. In terms of transactions, Musk said that Dogecoin is better than Bitcoin, the flagship digital currency.
Dogecoin was ignited by the mercurial technocrat when Tesla was looking at making some merchandise accessible to Dogecoins and saw the work being done.
Tesla chief Elon Musk sent a tweet that skyrocketed the price of Dogecoin. The largest meme token surged 22 percent in minutes to $0.195 from $0.156. However, Dogecoin pared some gains after a few minutes.
As Dogecoin fans waited impatiently for the coin’s principal supporter’s company to accept it as payment, this announcement came as a welcome surprise. Tesla had previously accepted Bitcoin as a payment for its cars. However, Elon Musk expressed concerns about the environmental impact of mining Bitcoin.
During a recent interview with Time magazine, Elon discussed Dogecoin’s suitability for payment transactions, so his recent tweet was not a surprise, said Sharad Chandra, a Blockchain and Emerging Tech Evangelist at IBM.
He further stated, “Musk’s tweet has pushed Dogecoin prices higher, and it has dethroned Polkadot and Terra, as well as XRP. Dogecoin, the only token to trade with gains among the top 10 names, had a market cap close to $26 billion at 16.35 IST on Tuesday.
Dileep Seinberg, Founder and CEO of Think Chain, a Blockchain and Crypto consulting firm, says Musk views Doge as an alternative to payments due to its speed per transaction.
