With a market cap of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.
Elon Musk has proven time and time again that his tweets can affect the crypto market in many ways. Billionaire proved it again. This time he tweeted about Dogecoin. Musk wrote, “Tesla goods can be purchased with Dogecoin.” The Tesla CEO’s comment sparked massive speculation among Dogecoin fans. Dogecoin’s value also increased by nearly 20% following Musk’s tweet. It is also included as a payment option on Tesla’s website. With a market cap of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.
According to the Tesla website, Dogecoin can be used to purchase items such as Cyberwhistle, Giga Texas Belt Buckle and Cyberquad for kids.
Here is Elon Musk’s tweet:
Tesla goods can be purchased with Dogecoin
– Elon Musk (@elonmusk) January 14, 2022
At the time of writing, Dogecoin is trading at Rs 15.63. For Dogecoin Live Price Click here. Many people also expressed joy after Musk’s tweet went viral.
Dogecoin co-creator Billy Markus was among those who tweeted his approval of the move.
yo
It’s happening!#dogecoin# doge4teslahttps://t.co/aYKGdYjJ5hpic.twitter.com/271DIW8oFJ
– Shibetoshi Nakamoto (@ BillyM2k) January 14, 2022
The official Twitter handle of the crypto exchange also posted a tweet in which a Doge was seen riding in a Tesla.
– Huobi (@HuobiGlobal) January 14, 2022
One user responded to the tweet by writing about institutional adoption of Dogecoin.
DISCLAIMER: Doge is now accepted by more institutions than Bitcoin.
– Mr. Whale (@CryptoWhale) January 14, 2022
Matt Wallace, a Crypto Youtuber, wrote, “Tesla acceptance of Dogecoin is huge!”
ACCEPT TESLA #DOGECOIN IS BIG!!!!!! Thank you Elon! We’re currently live on YouTube about this: https://t.co/bBY5IKsVee
– Matt Wallace (@MattWallace888) January 14, 2022
Wallace also added in another tweet, “Dogecoin to the moon!”
DOGECOIN INTO MOOOOOOOOOOOOOOOON!
– Matt Wallace (@MattWallace888) January 14, 2022
Crypto influencer Nahid Hasan posted a hilarious meme in response to Musk’s tweet.
Now $ DOGE probably???? pic.twitter.com/uA3cmrIFUh
– Nahid Hasan (@ Nahid8022) January 14, 2022
However, some users expressed doubts about Elon Musk’s intentions behind this sudden move.
One user feels that people need to “be careful” because in the past, after such a tweet, the value of Dogecoin increased. The user added that now that Dogecoin’s graph is fluctuating, Musk may try to sell his holdings.
Before, after tweeting like this, the dogecoin would be at least 5x, now the graph is up and down, he must be trying to sell his dogecoin???? be careful!
– Sima Baktas???? (@simabaktas) January 14, 2022
Another user tweeted on similar lines.
here you go pump dogecoin so you can sell it and make us poorer while you get rich
– Jeffery Werkins (@JxffreyP) January 14, 2022
One user tried ordering with Tesla and tweeted, “Thanks Elon! This is an incredible initiative and the perfect way to encourage actual cryptocurrency usage.”
Thank you Elon! This is an incredible initiative and the perfect way to encourage # cryptocurrency use
I just bought a Giga Texas belt with # DOGE!
Wondering if Tesla HODL has #Dogecoin can it be? It will stay like $ DOGE on the balance sheet? To the moon! pic.twitter.com/I8wOJzYWl2
– ???????????? (@itsAllrisky) January 14, 2022
Earlier, in December, Musk tweeted that Tesla would accept Dogecoin as a method of payment for goods.
Tesla will make some goods shoppable with Doge and see how it goes
– Elon Musk (@elonmusk) December 14, 2021
For most of 2021, Elon Musk’s tweets about Dogecoin, in which he calls the cryptocurrency “everyone’s cryptocurrency,” skyrocketed in value.
