DOGE Crypto News: Dogecoin prices rise on Tesla Merch Catalyst

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Price for Dogecoin (CCC:DOGE-USD) is more than 10% today after Tesla (NASDAQ:TSLA) CEO Elon Musk tweeted that customers can now buy Tesla goods with the DOGE crypto.

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Fans responded quickly to the news. Dogecoin prices briefly rose above 20 cents this morning, though they finally cooled. Since that writing, DOGE has risen 12% to just over 19 cents.

What happened to DOGE Crypto?

In a series of tweets, Elon Musk announced that Tesla is I am now taking Dogecoin to pay for selected Tesla products. For example, a whistle shaped like Tesla’s Cybertruck costs 300 Dogecoin. At current prices, that’s about $ 59. A Tesla Gigafactory celebration belt buckle in Texas can be purchased for 835 DOGE or about $ 164.

This is not the first time that Elon Musk’s posts on social media have shifted the price of Dogecoin. The leader of Tesla has long been a high-profile supporter of Dogecoin, and his tweets often change the price of cryptocurrency. In the past, Musk called himself the “Dogefather” and publicly supported a campaign to raise the price of DOGE to $ 1, which failed in the spring.

Why it matters

The great advantage of Dogecoin is that it has no daily usability. Billy Markus and Jackson Palmer admit that they created Dogecoin simply as a joke back in 2013. Cryptocurrency has the face of a Shiba Inu dog and that’s it. However, DOGE fans hope the digital coin will find greater purpose.

That Tesla, the world’s leading electric vehicle manufacturer, now accepts DOGE as a legitimate method of payment is an important development that helps legitimize Dogecoin. In the past year. Dogecoin rose from less than a penny to 73 cents. At the current price of 19 cents, DOGE has risen by almost 2,000% in the last 12 months.

What’s next for Dogecoin

If Tesla continues to accept Dogecoin for merchandise and expand items that people can buy with cryptocurrency, this will be great news for DOGE. However, keep in mind that Elon Musk has a checkered relationship with Dogecoin … and cryptocurrencies in general. During the performance at Saturday night live last year, Musk called for a commitment to Dogecoin “the hustle and bustle”, and has already announced that buyers can buy Tesla vehicles using Bitcoin (CCC:BTC-USD) before he changed his mind.

As always, Musk remains a living figure in the world of business and cryptocurrencies.

On the day of the publication of Joel Baglole did not hold (directly or indirectly) any positions in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.

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