- Elon Musk expressed potential acceptance of Dogecoin as a payment method for Tesla vehicles.
- Dogecoin experienced a 14% spike in value following Musk’s comments.
- Tesla previously started accepting Dogecoin payments for merchandise in January 2022.
- Dogecoin’s recent surge is part of a broader trend in meme coins, including Shiba Inu, PEPE, and BONK.
- The total market capitalization of meme coins stands at $65.5 billion, approximately 23% of the entire crypto market.
- Despite the surge, Dogecoin remains significantly below its all-time high of $0.731 in May 2021.
Elon Musk’s Dogecoin Endorsement
Elon Musk’s recent statement regarding the potential acceptance of Dogecoin as a payment method for Tesla vehicles has sparked significant excitement within the cryptocurrency community. Speaking at a Tesla manufacturing plant in Berlin on March 13, Musk hinted at the possibility, stating, “At some point, I think we should enable that.” This endorsement comes as no surprise given Musk’s previous interactions with the meme-inspired cryptocurrency.
Musk’s affinity for Dogecoin stems from its grassroots origins and community-driven nature. Describing it as “the people’s crypto,” he has pledged his support to the digital currency, influenced by conversations with Tesla employees on the production lines. This isn’t the first time Tesla has ventured into the realm of Dogecoin, having already embraced it as a payment option for company merchandise since January 2022.
Dogecoin’s Price Surge
Following Musk’s remarks, Dogecoin experienced a notable surge in value, jumping by 14% during the Asian trading session on Thursday morning. This rally propelled the dog-themed token to $0.189, marking a 43% increase over the past two weeks. Despite this surge, Dogecoin remains significantly below its all-time high of $0.731, recorded in May 2021.
The surge in Dogecoin’s value is part of a broader trend in meme coins, with Shiba Inu, PEPE, and BONK also experiencing significant gains. The collective market capitalization of meme coins now stands at $65.5 billion, constituting approximately 23% of the entire cryptocurrency market. While Dogecoin’s recent spike is notable, it reflects a larger movement within the cryptocurrency landscape towards meme-inspired digital assets.