When the cryptocurrency, Dogecoin was created, it was a joke for software engineers Jackson Palmer and Billy Markus. However, many still considered it to be a legitimate prospect for investment. Following its introduction in 2013, Dogecoin developed an online community and finally reached market capitalization of more than $85 billion in 2021.
In a cryptocurrency news update, it was revealed that Dogecoin experienced a high price increase recently. Tesla CEO Elon Musk made the announcement on December 14, 2021 that Tesla would begin to accept Dogecoin for some merchandise purchases. According to market data, the cryptocurrency climbed over 25%.
Musk tweeted, “Tesla will make some merch buyable with Doge & see how it goes.” However, Musk did not specify which Tesla merchandise would be available for purchase with the cryptocurrency.
Musk Has Long Praised Dogecoin
After he was declared “Person of the Year” by Time Magazine, Elon musk claimed that in comparison to Bitcoin, Dogecoin is “better suited for transactions”. He has also previously tweeted that he believes Dogecoin to be “the people’s crypto”.
After a tweet surfaced that almost 33% of people who own cryptocurrency in the United States own Dogecoin, Musk replied with praise. He tweeted, “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge—it felt like the people’s crypto”. This and his other tweets of praise have helped Dogecoin increase 5,859% within the past year.
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