- Elon Musk announced in a Twitter post that his space exploration company, SpaceX, will soon start accepting Dogecoin (DOGE) as payment for its merchandise.
- Musk’s announcement resulted in a price increase for DOGE almost immediately.
- The pump was somewhat short-lived as the price of Dogecoin fell down to $0.082.
The DogeFather, Elon Musk, announced in a Twitter post that his space exploration company, SpaceX, will soon start accepting Dogecoin (DOGE) as payment for its merchandise. Musk also added that his electric car company, Tesla, will also accept merch payments in DOGE.
The multibillionaire tweeted on Friday “Tesla merch can be bought with Doge, soon SpaceX merch too.” When asked whether subscriptions for Starlink, Musk’s satellite-based broadband internet system, might be payable in DOGE as well, he responded, “Maybe one day.”
As one may expect, Musk’s announcement resulted in a price increase for DOGE almost immediately. Just minutes before the tweet, the meme coin was trading at $0.078 according to the crypto market tracker, CoinGecko. A few minutes after the tweet, the price of DOGE had risen by 8% to around $0.084.
However, the pump was somewhat short-lived as the price of Dogecoin fell down to $0.082. That’s still around a 6.84% increase from the price before the announcement.
The Tesla CEO has wielded strong influence over DOGE’s price since early last year, around the time that he announced that his company purchased $1.5 billion worth of Bitcoin (BTC) in February last year. This purchase was then followed with a series of bullish tweets about Dogecoin.
The coin has not been able to reach the heights that it reached at the beginning of last year thanks to Elon’s influential power. However, the CEO’s power over the price of DOGE remains evident as the coin also underwent another 20% surge in December last year when Musk announced that Tesla would accept payments for merch in DOGE, which he reaffirmed again on Friday.
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