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Dogecoin skyrockets after Elon Musk tweets that Tesla will accept the meme coin as payment for "some merch"

Tesla CEO Elon Musk has apparently triggered a rather short-lived Dogecoin price surge (Image: Executium)
Tesla CEO Elon Musk has apparently triggered a rather short-lived Dogecoin price surge (Image: Executium)
Crypto messiah Elon Musk has once again made headlines by announcing that Tesla would give Dogecoin payments a try, which apparently delighted many crypto investors and holders of the well-known meme coin in particular.

Everyone seems to have an opinion in regard to the extensive influence of the eccentric Tesla CEO, but it does not change the fact that Elon Musk's tweets often cause more or less violent surges or drops in the crypto market. In his latest tweet, Musk has now shared a long-awaited announcement which gave the popular meme token Dogecoin a considerable push. The tech icon said that Tesla will accept Dogecoin crypto payments for some of its products.

Musk specifically said that Tesla will only make "some merch" buyable with Dogecoin, which sounds like Tesla's electric vehicles may not be paid for with Dogecoin for the time being. He further emphasizes that the company will "see how it goes", indicating that this is not exactly a long-term commitment, but rather a trial run for Dogecoin payments. Nevertheless, this seemingly cautious expansion of Tesla's crypto payment methods appears to raise hopes that Dogecoin one day could indeed turn into a more widely accepted cryptocurrency.

Unsurprisingly, Dogecoin surged by more than 30% after Musk published the announcement on Twitter. One dogecoin was previously priced at around US$0.16, but over the course of just a few hours the price increased to US$0.22 per token. However, the meme coin has already lost most of these gains, which causes some doubts whether or not Tesla's Dogecoin payments can trigger a lasting resurgence of the previously weakening meme coin.

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Enrico Frahn
Editor of the original article: Enrico Frahn - Tech Writer - 932 articles published on Notebookcheck since 2021
My fascination for technology goes back a long way to the Pentium II era. Modding, overclocking and treasuring computer hardware has since become an integral part of my life. As a student, I further developed a keen interest in mobile technologies that can make the stressful college life so much easier. After I fell in love with the creation of digital content while working in a marketing position, I now scour the web to bring you the most exciting topics in the world of tech. Outside the office, I’m particularly passionate about motorsports and mountain biking.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 12 > Dogecoin skyrockets after Elon Musk tweets that Tesla will accept the meme coin as payment for "some merch"
Enrico Frahn, 2021-12-14 (Update: 2021-12-14)