Could Elon Musk help the Dogecoin cryptocurrency surge to a $1 value? | Interests

Tesla Inc. CEO Elon Musk has been a fan of DOGE for a while. He first started discussing the meme coin venture in 2019, when he posted on social media “Dogecoin is perhaps my fav cryptocurrency. It is fairly cool.”

Whereas this submit didn’t have a lot affect on DOGE at the time, Musk continued posting about the token. He posted a meme about DOGE adoption in July 2020 that was captioned “It is inevitable.”  After a number of years of posting, the token took off in 2021, reaching an all-time excessive of practically $0.74. 

It is clear that Musk’s opinion on the memecoin is valued in the crypto group, and Benzinga has famous that the worth of DOGE reacts to his feedback. 

So, it is no shock that Musk’s newest feedback on DOGE made waves when it comes to the token’s worth. Musk was in Germany in March 2024 talking at Tesla’s gigafactory in Berlin, which lately reopened following an arson attack. 

Throughout a Q&A, Musk was asked, “When will I have the option to purchase a Tesla with Dogecoin?” He replied, “Sooner or later, I believe we should always allow that.”

Musk additionally detailed a few of the causes behind his endorsement of DOGE. “The rationale I ended up form of endorsing Dogecoin is that after I was strolling round the manufacturing unit at Tesla, some folks requested me to assist Doge. Then, at SpaceX, some common guys mentioned, ‘Are you able to assist Doge?’ and I used to be like, ‘Doge is the folks’s crypto, so I’ll assist it.'”

Musk additionally famous you could purchase Tesla merchandise with DOGE, so it has some methods in place to facilitate DOGE transactions.

One other necessary notice is that Tesla accepted Bitcoin for purchases of Tesla vehicles for a quick time in 2021. Nevertheless, the program ended rapidly, with Musk citing environmental considerations as the motive to cease accepting Bitcoin. That is necessary as a result of DOGE is a fork of Bitcoin, that means it makes use of the similar technique of consensus (proof of labor) that Bitcoin makes use of, thereby posing the similar environmental dangers that Musk talked about in 2021. 

Which means that electrical energy use might be a roadblock for DOGE when it comes to the potential to use it to purchase a Tesla automotive. 

Regardless of this, Musk’s phrase needs to be taken at face worth. DOGE reacted strongly, going from a low of $0.165 on the morning of March 14 to a excessive of $0.191, leading to a acquire of over 15%. The token bought off into the afternoon, however the sentiment remains to be largely bullish. Will dogecoin go up if Tesla have been to start accepting DOGE? For instance a $1 worth goal wouldn’t be out of the query. 

For reference, a $1 DOGE would have a market cap of round $140 billion, roughly one-third that of Ethereum and one-tenth that of Bitcoin.