Dogecoin on the Rise: SpaceX to Join Tesla in Accepting the Cryptocurrency

Earlier on Friday, May 27, Elon Musk took to Twitter to announce that Tesla and SpaceX will now accept Dogecoin (DOGE) as a means of payment for merchandise. This news comes as a major boost for the meme-based cryptocurrency, which has seen a surge in popularity since early last year.

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

Tesla merch can be bought with Doge, soon SpaceX merch too

— Elon Musk (@elonmusk) May 27, 2022

As expected, Dogecoin’s price surged after the announcement. While Friday’s 9% spike from $0.078 to $0.085 was short-lived, DOGE, despite market sell-off, finished Saturday in the green and above the $0.81 level.

When asked by a Twitter user if his Starlink space-internet business could be paid with DOGE, Musk replied, “Maybe one day.”

Maybe one day

— Elon Musk (@elonmusk) May 27, 2022

Elon Musk has had a strong influence over Dogecoin’s price. The billionaire CEO of Tesla and SpaceX has been a vocal supporter of the cryptocurrency, often tweeting about it and even naming it his “fav” coin.

This has led to a lot of speculation and excitement around Dogecoin, causing its price to fluctuate wildly. In April of 2021, Musk sent the price soaring when he tweeted that Dogecoin was “going to the moon.”

Speaking of the Moon- SpaceX’s “DOGE-1 Mission to the Moon,” a space mission completely funded by Dogecoin and the first one to ever be funded by a cryptocurrency, is set to launch in June, according to spacetv.net.

It goes without saying that Musk’s move will give Dogecoin a boost in both price and adoption, as Tesla and SpaceX are two of the most popular and well-known companies in the world. With this latest development, it seems that Dogecoin is well on its way to becoming a major player in the cryptocurrency space.

Price Action

DOGE was trading 2.95% higher at $0.82 late in Saturday’s session.

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