Elon Musk Tweets SpaceX Will Accept Dogecoin, Cryptocurrency ‘Reacts’
Dogecoin (DOGE) took a “dead cat jump” on Friday afternoon (27) after billionaire Elon Musk announced that private space exploration company SpaceX will start accepting DOGE as a form of payment for some products. His other company, Tesla, has been accepting Dogecoin on its online store since January.
Musk posted the claim that “pumped” the price of DOGE momentarily on his Twitter account. Without giving very specific details, the billionaire just said.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
“Tesla items can be purchased with Doge, soon SpaceX products too [poderão]”.
Musk did not specify exactly when SpaceX will start accepting Dogecoin as payment. For now, items in the company’s online store are still priced in dollars.
As Musk didn’t provide further details on the matter – as usual – it hosted a festival of questions. One user, for example, questioned whether it would also be possible to pay for Starlink subscriptions via Doge. And the billionaire replied, “Maybe one day.”
Dogecoin jumps like a dead cat
As mentioned, the price of DOGE reacted to the tweet and jumped 10%. The memecoin price jumped from $0.077 to a local peak of $0.085 in a time span of just 30 minutes.
However, the appreciation did not last long. At the same rate as the price of DOGE has gone up, it has fallen, and at the time of writing this article is at $0.080. In other words, it dropped about 6%.
Considering the price trajectory of DOGE in the last 24 hours, the appreciation is only 1.3%. Already in the last week, the price of the meme cryptocurrency has retreated more than 7%.
Dogecoin (DOGE) price chart for the last 24 hours. Source: CoinMarketCap
But it’s not today that Musk boosts the price of DOGE with his tweets. In fact, the cryptocurrency started to gain more notoriety after the billionaire made recurring posts about it.
The last time this happened was about a month ago when Musk announced he would buy Twitter for $44 billion.
Immediately after the information was revealed, Dogecoin price jumped 35% to $0.1677. But since then, the price has dropped more than 52% to its current level.
Furthermore, the price of DOGE is about 90% below its all-time high of $0.731 recorded in May last year.
General crypto market down
It is worth noting that the downtrend is not specific to DOGE. After all, the crypto market, in general, has been facing months of great difficulty.
The price of Bitcoin (BTC), for example, has dropped 6% in the last week and is now below $30K. Ether (ETH) has fallen further and has seen its price retrace more than 14% over the same period. At the time of writing, it is below $1,730.
Both cryptocurrencies are about 60% below their all-time highs reached in November 2021.
Original Source