The richest man in the world, and a loyal member of the DOGE Army, Elon Musk announced on Twitter (NYSE:TWTR) that SpaceX, his aerospace company, would soon begin accepting the meme coin as a form of payment for merchandise.
Tesla (NASDAQ:TSLA) merch can be bought with Doge, soon SpaceX merch tooDogecoin (DOGE) Payments Already Put into Practice with Tesla— Elon Musk (@elonmusk) May 27, 2022
It has already been some time since Tesla car owner’s gained the ability to supercharge their cars using Dogecoin. The opportunity became a reality in February, when Tesla Supercharger announced that Tesla drivers in Santa Monica would be able to pay at charging stations in DOGE.
At the time, Elon Musk teased that perhaps one day Dogecoin might be made available for purchasing subscriptions to his satellite broadband internet system, Starlink.
Ten minutes after the new Santa Monica Superchargers opened and they’re already almost full! @elonmusk @TeslaCharging pic.twitter.com/ifeDjhn9uuCrypto Community Shows Excitment for the News— Ryan Zohoury (@RyanZohoury) February 18, 2022
In light of the announcement, the value of Dogecoin (DOGE) has seen a rapid rise. Illustrating this, DOGE had been trading at $0.078 5 minutes prior to the tweet conveying the news. Just half an hour later, the price of the meme coin had risen to $0.084. Despite this, the momentum didn’t last, and DOGE fell back down to $0.080 a few hours later, but this still represented an overall gain of 1% amid undeniably difficult circumstances of the crypto market – in fact, Dogecoin was the only top 10 crypto asset to be in the green over the 24 hour period.
When Will DOGE Fly to the Moon?
The new SpaceX integration saw Dogecoin’s price skyrocket for a couple of hours, but other recent tweets by Musk only had short-lived impacts on the asset’s price. It seems that the recent bump to the price of DOGE is ongoing though, and the dog-themed coin is now trading at $0.086305 at the time of writing, according to CoinGecko. The iconic meme coin has made a surge of 5.7% over the last 24 hours, but in terms of a 7 price point, it remains in exactly at the same spot it had previously been week-to-date. Dogecoin (DOGE) still has a long way to go to bounce back from the recent crypto market crash brought on by the downfall of Terra (LUNA) and Terra (UST). The market price of DOGE is floundering 36% lower than it was a month ago, and 88% below its ATH reached on May 8th, 2021 ($0.73).
Will Elon Musk manage to cause a permanent boost to the price of his favorite cryptocurrency through his tweets?
On the Flipside
Read more about the return of the Dogefather, and DOGE’s potential to become one of the main payment options for Twitter subscriptions.
