Tesla To Accept Dogecoin For Merchandise, Token Soars 30%
December 14 2021 - 2:30PM
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Tesla CEO Elon Musk said the electric-car maker will take dogecoin
as payment for its merch, causing the cryptocurrency to soar by as
much as 33%. Elon Musk’s Revelation Sends Dogecoin Up 30% Prior to
Musk’s revelation, the price of Dogecoin was declining, but it
immediately soared by as much as 30%. According to cryptocurrency
statistics website Coinmarketcap, it was recently up 26% at
$0.2092. Musk said in a tweet: “Tesla will make some merch buyable
with Doge & see how it goes. The Tesla CEO has long been a
backer of dogecoin, a cryptocurrency based on a Japanese Shiba Inu
dog that was created as a joke in 2013. Tesla sells t-shirts, ‘Giga
Texas’ belt buckles, and miniature models of its vehicles, as well
as unique limited-edition items like the ‘Cyberwhistle,’ which is
based on the company’s much-anticipated Cybertruck. It just
released a kid’s quad bike called the ‘Cyberquad,’ which is based
on the truck. In a Twitter poll in May, Musk asked people if they
wanted Tesla to accept dogecoin. During his guest-hosting stint on
the “Saturday Night Live” comedy sketch TV show in May, he referred
to dogecoin as a “hustle.” Related Article | Dog Eat Dog: Elon Musk
Leaving Doge Behind For New Dog Coin? Musk stated in a May tweet
that he was collaborating with dogecoin developers to increase the
system’s efficiency. Dogecoin prices soared by 22% as a result.
Then, in June, he tweeted that it was “critical to support” a
proposal to lower Dogecoin fees, making the cryptocurrency more
competitive with other cryptocurrencies. Musk, who has more than 66
million Twitter followers, has been heavily involved in this year’s
retail trading craze, tweeting about cryptocurrencies and assisting
in the movement of their prices. Musk has done it again | DOGEUSD
on TradingView.com News Comes As Musk Is Named Person Of The Year
On Monday, the world’s wealthiest man was selected as Person of the
Year by Time’s Magazine. The publication called Musk “clown,
genius, edgelord, visionary, industrialist, showman, and cad.” Musk
argued that dogecoin is more suited for transactions than bitcoin
in his statement. BTC, according to the Tesla CEO, is more suited
as a store of value. He also said he “doubts that crypto will
replace fiat currency.” Related Article | Elon Musk & Crypto:
“How One Man Has All That Power” Nonetheless, at the end of Q3,
Tesla still had $1.26 billion in BTC on its balance sheet. DOGE is
not owned by the corporation. Musk, on the other hand, has
previously stated that he owns dogecoin, bitcoin, and ether.
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