Tesla CEO and SpaceX founder Elon Musk stated on Twitter that the electric car giant will accept the joke currency as payment for Tesla items, bringing Dogecoin’s price drop to a stop.
Dogecoin, which was intended as a joke to mock the seriousness of cryptocurrency debate, had a great boom time in 2020, thanks to the controversial tech and crypto expert who helped to raise Dogecoin’s popularity.
In the months after its jump to $0.74 on May 8, Dogecoin’s price has hovered between $0.26 and $0.16, with trade volumes dropping as other currencies like Shiba Inu coin, nicknamed the “Dogecoin killer,” joined the joke crypto scene.
Tesla will make some merch buyable with Doge & see how it goes
However, Dogecoin’s price soared by more than 20% when Elon Musk said on Twitter on Tuesday (December 14) that Tesla would take Doge for goods purchases and “see how it works.”
Here’s what the meme cryptocurrency is, as well as Dogecoin’s current price and forecasts.
Dogecoin, like Bitcoin, is an open-source cryptocurrency that may be traded and transferred between users through decentralized peer-to-peer networks, with tokens of value rewarded for users that operate in place of banks or governments to verify transaction authenticity.
Dogecoin was founded in 2013 as a satirical take on the increasing popularity of more conventional currency like Bitcoin and its cult following, paying reference to the Shiba Inu ‘doge’ meme that has circulated widely throughout the internet for years.
But, after increasing its prominence globally in recent years, the currency has gone full circle, and it is now considered as seriously as its crypto rivals.