If we make a list of public personalities who have openly and fervently supported cryptocurrencies, Elon Musk would arguably be at the top of it. There have been multiple instances where Elon Musk has actively participated in the crypto ecosystem and worked for its growth. Elon Musk once again took to Twitter to declare that you will soon be able to buy Space X merchandise with Dogecoin. After the Tweet, Dogecoin saw a little spike in value. The crypto market has not been going strong for the last several months. Terra Luna’s collapse was one of the biggest events in the crypto ecosystem in recent times, and it meant bad news for the larger crypto ecosystem. Many see Musk’s tweet as yet another attempt from him to give the crypto market a much-needed boost.
Elon Musk had previously stated that Dogecoin has the potential to be the currency of transactions – something that Bitcoin lacks. Musk has also gone as far as saying that Dogecoin is the most promising cryptocurrency in the past. Now it seems that he is taking it upon himself to bring Dogecoin out of a downward spiral.
What it means to Dogecoin, in the long run, is still not clear. Space X merchandise is not a common, everyday item that most people need. On the other hand, the integration of Dogecoin with payment platforms like PayPal would be much more useful in the real world. If Dogecoin manages to get out of the rut through this Musk tweet, it can start a chain of positive events for the crypto market.