DOGE Prices Surge After Elon Musk’s Endorsement

Elon Musk, billionaire and SpaceX’s chief executive officer (CEO) announced his support for the leading meme coin Dogecoin on Twitter. The 2021 TIME Magazine Person Of The Year said that his space transportation manufacturing company will soon accept DOGE as payment for select merchandise in an effort to increase its popularity among people who love cryptocurrency but may not know much about them or even what they are.

“Tesla merch can be bought with Doge, soon SpaceX merch, too.”

Elon Musk’s Tesla company started allowing customers to purchase merchandise with the popular meme coin in January. Shortly after his SpaceX announcement, Dogecoin shot up from $0.078 to a high of $0.0841; nearly 8% higher than before. The 10th ranked crypto asset by market cap has since retraced.

The price of dogecoin has been on a steady decline for the last 30 days, and it’s currently down more than 41%.

Elon Musk, a crypto holder himself has previously said that he owns Bitcoin (BTC), Ethereum(ETH) and DOGE. He says his favorite though is Dogecoin because as the people’s coin it will always have an important role in society – even if its value decreases dramatically over time.

“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.”

What is DogeCoin

Dogecoin.com promotes the currency as the “fun and friendly Internet currency”, referencing its origins as a “joke.” Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world.

With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached $8 million, once jumping to become the seventh-largest electronic currency in the world.

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Dogecoin is based on the Scrypt algorithm, and the transaction process is more convenient than Bitcoin. Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes. – Wikipedia