Dogecoin is riding high on the “biggest gainer wave” after billionaire Elon Musk tweeted that his companies – SpaceX and Tesla – will soon accept the meme coin as payment for merchandise.
Musk highlighted on Friday that Tesla merchandise and SpaceX merchandise can be bought with Doge. In regards to subscriptions for Starlink, a satellite-based broadband internet system, the multi-billionaire said maybe one day.
As such, Dogecoin’s price shot up nearly 8% but this was short-lived. At the time of writing this article, DOGE was trading at $0.08 – up by 6.14% in the last 24-hours, as per data from CoinMarketCap.
Musk somewhat has control over the popular meme coin’s price as whenever he has tweeted about it, Dogecoin has seen gains – from slight to significant ones. In February 2021, after announcing Tesla’s $1.5 billion worth of Bitcoin purchase, Musk was trolled with a series of bullish tweets about the meme coin. This had led to a temporary rise to a top three cryptocurrency by market cap. In December, of the same year, Dogecoin saw another price surge when Musk said that his EV company would soon accept DOGE for its merchandise. He reaffirmed this today.
The billionaire’s love for the meme coin is said to be superior to BTC as a medium of exchange. This is because of its higher transaction throughput. Musk tweeted in May 2021 that DOGE speeds up block time 10x, increases block size 10x, and drops fee 100x. He pointed out that Dogecoin beats the world’s most loved crypto Bitcoin, hands down.