Elon Musk, CEO of Tesla, revealed through Twitter on Friday that his space exploration company Spacex will soon take Dogecoin as a form of payment. This raised the value of Dogecoin.
Shortly after the tweet, Dogecoin surged as much as 10 percent to nearly 9 cents, partially correcting Thursday’s 6.14 percent decline, as DOGE closed the day at $0.0814.
“Tesla merchandise can be bought with DOGE, and soon SpaceX merch as well,” the billionaire tweeted on Friday.
Musk also stated that Spacex’s Starlink memberships could “one day” be paid for with Dogecoin.
According to its website, Starlink is a satellite-based broadband internet system that provides “high-speed, low-latency broadband internet in remote and rural areas across the globe.”
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
The ‘Musk Effect’ On Dogecoin
The rally, however, was not particularly long-lasting. The current price of DOGE is approximately $0.080. This still represents a bump of just over 1 percent for DOGE on the day, while the rest of the crypto market is still on the retreat.
This isn’t the first time that Musk has had an impact on the price of DOGE, but there are no other information available as of today.
In response to the Tesla CEO’s plans to acquire Twitter, the meme-inspired cryptocurrency entered the top 10 by market capitalization last month.
In December, his statement that Tesla items could be purchased with DOGE caused a 32 percent increase in DOGE prices.
DOGE total market cap at $10.86 billion on the weekend chart | Source: TradingView.com
Since early 2021, the self-proclaimed “Dogefather” has exerted considerable influence over the price of Dogecoin.
After disclosing his company’s $1.5 billion Bitcoin acquisition in February of last year, he issued a series of enthusiastic tweets about the cryptocurrency, correlating with its subsequent but fleeting ascension to the top three cryptocurrencies by market capitalization.
Tesla used to accept Bitcoin for merchandise purchases, but stopped because of the heat it is taking from environmental groups.
Musk revealed in June of last year that the electric vehicle company will resume taking Bitcoin if cryptocurrency miners can guarantee 50 percent clean energy utilization. However, the issue has since been left in the backburner.
SpaceX announced last year it will launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022 (Ticker News).
DOGE To The Moon
In May of last year, SpaceX declared that it will launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022, accepting DOGE as payment.
DOGE-1 will be a 40-kilogram cube satellite flying as a payload on a Falcon 9 rocket, as revealed by Geometric Energy Corporation at the time.
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Featured image from Getty Images, chart from TradingView.com