Dogecoin Spikes After Musk Asks Whether Tesla Should Accept It

Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany. (Photographer: Liesa Johannssen-Koppitz/Bloomberg)

Dogecoin Spikes After Musk Asks Whether Tesla Should Accept It

Dogecoin, the cryptocurrency started as a joke, jumped on Tuesday after billionaire Elon Musk tweeted about whether Tesla Inc. should accept it for payments.

Musk, who’s been a vocal supporter of the Shiba Inu-themed token, posted a survey on Twitter asking “Do you want Tesla to accept Doge?” Within about thirty minutes, the survey had 750,000 respondents.

The token jumped from around 46 cents to as high as 54 cents after Musk’s tweet, according to Coinmarketcap.com

The fourth-largest cryptocurrency has proved famously volatile after the Tesla CEO appeared on “Saturday Night Live” last weekend and jokingly called Dogecoin “a hustle.” Its market capitalization has fallen from as high as $95 billion to $67 billion currently.

Dogecoin Spikes After Musk Asks Whether Tesla Should Accept It

SpaceX, Musk’s commercial rocket firm, will embark on a Moon voyage in 2022 carrying a mini-satellite from Geometric Energy Corp. that’s been paid for entirely in Dogecoin.

And it wouldn’t be Tesla’s first foray into cryptocurrencies. The company announced in March that it would accept Bitcoin as payment for its electric cars, a month after disclosing a $1.5 billion investment in the largest virtual token.

©2021 Bloomberg L.P.

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