News

Musk Boosts DOGE Once Again

Markets
0 min read

Partial image credit: tesla.com

Musk Boosts DOGE Once Again

 

Dogecoin was up more than 20% at one point today after Tesla (TSLA) CEO, and recently announced TIME person of the year, Elon Musk announced that the company would start to accept DOGE as payment for some of its branded products and “see how it goes.”  While it was not made clear in the announcement which products would be available for purchase with DOGE, speculators assume it will be limited to products such as clothing and novelty items.

In a recent interview with Time, Musk reiterated his support for DOGE as a transactional currency, favoring it over Bitcoin due to higher transaction volume and a lower cost per transaction. Dogecoin is a currency that “encourages people to spend, rather than sort of hoard as a store of value,” he said.

A Musk tweet influencing the value of a cryptocurrency is nothing new. In the short-term, this announcement sent DOGE to its highest value since December 3 – still well off of its all-time high of over 0.57USD.  Seeing “how it goes” leaves the door open to numerous possible outcomes, but, if successful, further adoption of the crypto coin, both by Tesla and by other companies, could help boost its value.

Suggested Content:



“Do Only Good Every Day” – Guiding Purpose of Doge Manifesto



Owning Bitcoin isn’t the Only Way to Invest in a Burgeoning Cryptocurrency Market





Tesla’s CEO Surprises Reporters with Views on Robots, Subsidies, and Longevity



Elon Musk, Jack Dorsey, and Cathie Wood Drop Bombshells at Bitcoin Conference

Sources:

https://www.forbes.com/sites/siladityaray/2021/12/14/tesla-will-accept-dogecoin-payments-for-some-products-and-see-how-it-goes-says-ceo-elon-musk/?sh=74de11e87d65

https://www.cnbc.com/2021/12/13/elon-musk-says-dogecoin-is-better-to-buy-things-with-than-bitcoin.html

 

Stay up to date. Follow us:

 

Share

Inbox Intel from Channelchek.

Informed investors make more money. And it’s all about timing. Get it when it happens.

By clicking submit you are agreeing to the Terms of Use and Privacy Policy