Elon Musk, founder and CEO of SpaceX and Tesla tweeted on Tuesday, asking his followers whether Tesla should accept Dogecoin as a payment method. This tweet follows multiple similar instances, where Elon has spoken about the cryptocurrency, leading to an immediate boost in its stock price.
What is Dogecoin?
Block Chain technology opened up the world of Cryptocurrency with its original currency, Bitcoin. With this intelligent innovation, anyone could exchange digital money, without going through a third party policing mechanism. Bitcoin soon gained traction, and became the world’s most valuable currency, currently standing at $55,000 per coin. This trend opened up doors for Dogecoin, a joke currency curated from social media memes. Although initially hyped, Dogecoin failed to reach heights in the crypto market, and plummeted to its end.
Elon Musk and Dogecoin
Elon Musk has been known to be a man of memes, with multiple instances of him hosting meme reviews, joining and initiating internet trends, and going as far as controlling the stock market with his goofy tweets. A few weeks ago, Elon eyed Dogecoin, and the rest is history. Since his multiple promotions of the coin, DOGE has increased by a whopping 12000%, shaking the crypto market to its core.
What’s next in store?
With the Saturday Night Live broadcast and todays tweet suggesting Dogecoin as a Tesla-accepted currency, it is prudent that DOGE is going to hit the stock market hard for the next few weeks. From a basic meme to a hard currency, Dogecoin has made it to Mars long before SpaceX.