Dogecoin Jumps 20% After Elon Musk Says Tesla Will Accept It As Payment

Dogecoin is the first ever meme cryptocurrency that came to existence and since then, it has found many real world applications. The richest man in the world, Elon Musk is also a strong advocate of Dogecoin.

The year 2020 has been the year of cryptos and Elon Musk certainly played a big role in it. His tweets hold the power to positively or negatively influence the entirely crypto market, Dogecoin in particular. The Tesla boss himself has investments in Bitcoin, Ethereum, and Dogecoin.

‘Merch Buyable With Doge’

Recently, he took to Twitter to announce that his electric car company Tesla will start accepting Dogecoin as payment for some of its merch. However, at the moment it is only a pilot project and is being done to test the market.

Elon Musk wrote “Tesla will make some merch buyable with Doge & see how it goes”

As one might have expected, the price of Dogecoin experience a boom after Elon Musk’s tweet went viral. The ‘Dogefather’ proved it yet again that he has a massive influence over the crypto market.

Elon Musk was also named the Time’s Person of the Year 2021.

Dogecoin Vs Shiba Inu

“Elon did bat for the suitability of Dogecoin for payment transactions in the recent Time magazine interview. His tweet, therefore, did not surprise many,” said Sharat Chandra, a Blockchain and Emerging Tech Evangelist. [courtesy:EconomicTimes]

“Musk’s tweet has propelled Dogecoin prices, and it has dethroned even Polkadot and Terra by market cap and may dethrone XRP,” he added.

Another meme-coin that stays in the news is Shiba Inu. At first glance it is difficult to decide whether you should put your money in Dogecoin or Shiba Inu. Hence, we created a comprehensive guide of Dogecoin Vs Shiba Inu and which is better to invest in.

What do you think about the whole story? Tell us your thoughts in the comments.

Shaheer is passionate about living a life seeking un-ending knowledge, philomath, as you may think of him. He's a student of Finance and a keen observer of Business and Indian-Political scenario who takes pleasure to pen down his views and opinions on the same. As his guiding mantra to life, ‘Come what may , life goes on’ helps.

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