Dogecoin Soars 26% After Elon Musk Tweets Tesla Merchandise Can Be Bought Using The Meme Token

It seems the fate of Dogecoin holders lies in the hands of SpaceX founder Elon Musk. Every time Tesla chief tweets, the price of the meme-based currency spikes in the crypto market. And once again, Musk's latest tweet is sending Dogecoin to the moon. Musk, who is often behind the increase or decrease in value of Dogecoin due to his remarks on social media on January 14 tweeted, "Tesla merch buyable with Dogecoin," which means the meme coin can be used as a legal tender to purchase Tesla company's merchandise.

Soon after the five-word tweet by billionaire Musk was circulated online, the value of Dogecoin jumped by over 26% and #dogecoin became one of the top trending hashtags on Twitter. Doge, which is known to be a Shiba Inu token competitor, has spiked to double digits and is now showing bullish sentiments in the crypto market. The market cap of the meme-token went as high as $26.1 billion while its trading volume has increased to a staggering $4.5 billion, which has left investors hoping for good returns.

Doge, which according to some crypto enthusiasts has more institutional adoption than Bitcoin, was launched by software engineers Billy Markus and Jackson Palmer on December 6, 2013, as a 'joke'.

Elon Musk Dogecoin

Billy Markus Excited About Increasing Doge Value

Even Billy Markus, the co-founder of Dogecoin tweeted, "Yo it's happening! #dogecoin #doge4tesla." Not just that, the Doge promoter also left his remarks on Musk's latest tweet with a GIF. "Alright #dogecoin community, you know what to do," he commented on the thread. However, people can purchase only a few items of Tesla with Dogecoin at present while many more products are likely to be added to the buying list in the near future.

Dogecoin Availability and Current Price

Meanwhile, the meme currency is available for trading on several popular exchange platforms including Coinbase Commerce, Robinhood and Binance among a few. DOGE crypto is currently trading at $0.1891, which is up by 15.36% with a 15.25% increased market cap of $25,082,601,225 as of January 15, 2022.

This article was first published on January 15, 2022