Dogecoin prices surge on Elon Musk’s SpaceX tweet

Tesla founder Elon Musk dropped another tweet that sent
the price of Dogecoin surging. He tweeted that official Tesla merchandise could
now be purchased with Dogecoin and SpaceX would follow suit soon after. “Tesla
merch can be bought with DOGE, soon Spacex merch too,” read the tweet.

After Musk’s tweet, Dogecoin’s price jumped from $0.078 to
an intra-day high of $0.085. After the announcement, Dogecoin’s market
capitalization also increased from $10.35 billion to $11.33 billion. However,
the meme token could not retain the price level and fell to $0.08 before
rebounding to $0.085 at the time of writing.

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In addition to Tesla and SpaceX’s announcement, Musk also
revealed an interesting detail about Starlink subscriptions. When his followers
asked if users could pay for the satellite internet service using Dogecoin, the
Tesla founder responded with “Maybe one day,” indicating that it is possible.

This is not the first instance when Musk has triggered
large price movements. He has always been a Dogecoin supporter, and his tweets
have invariably stimulated some significant price actions for the meme coin. On
January 14, 2022, Tesla started accepting Dogecoin as a mode of payment on
select merchandise. After Musk’s tweet that day, Dogecoin spiked 10% to touch a
high of $0.2.

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Musk has been nicknamed ‘Dogefather’ in the crypto world,
owing to his influence over the meme coin’s price action. Earlier this month,
he stated that, while Dogecoin could very well become capable of being
transacted currency, Bitcoin is more like a store of value. Previously, he had
revealed that his crypto holdings include Bitcoin, Ether, and Dogecoin.
However, SpaceX only holds Bitcoin currently.

Also Read | Elon Musk the self-proclaimed liberator of Twitter

Musk is the richest man in the world, worth $219 billion.
He is always in the limelight for his tweets that spark worldwide speculation,
but Musk is currently under the spotlight for his acquisition of Twitter for $44
billion.