Through his enigmatic pronouncements, Elon Musk has long demonstrated his ability to unleash waves of conjecture and toss the market into uncertainty. Earlier this week, Tesla’s CEO Elon Musk was asked on Twitter if his spacecraft company SpaceX and satellite-based broadband internet system Starlink will allow users to pay for services and items using dogecoin. Musk’s response contained a winky emoji. As a result, this has spurred rumors that the idea could be realized.
When Elon Musk tweeted about dogecoin, it had a significant impact on the price of the cryptocurrency, which got him in hot water with the U.S. Securities and Exchanges Commission (SEC). If the majority of top 100 cryptocurrencies by market capitalization are in red today, it’s possible that Musk’s tweet had some impact.
In any case, the coin’s value was $0.145 at 11:47 UTC, down 5.1 percent if compared to the previous day. It’s also fallen by roughly 6% in the last week alone. CoinGecko statistics show that on the 13th and 14th of February, DOGE’s trading volume grew by 122%, from $553.7m to $1.3bn.
In keeping with the company’s adoption of DOGE, SpaceX should allow customers to pay for merchandise using this token. DOGE-1, a payload sponsored by dogecoin, will be launched by the Falcon 9 medium-lift launch vehicle in the first quarter of 2022. Taking this step is expected to make it the first crypto-funded lunar expedition.
After a few months of testing, Tesla began accepting DOGE payments in January of this year. Dogecoin is currently the only cryptocurrency that Tesla consumers may use to make purchases from the Tesla Shop.