Dogecoin was sent soaring Tuesday morning, after Elon Musk took to twitter to announce that Tesla would begin accepting the cryptocurrency as payment for certain products.
The meme cryptocurrency jumped over 20% on Tuesday, after Musk said the EV company would begin accepting dogecoin as payment for certain merchandise. “Tesla will make some merch buyable with Doge & see how it goes,” tweeted the Tesla CEO. Just a day earlier, Musk teased that dogecoin is “better suited for transactions” compared to bitcoin during an interview with Time magazine.
“Fundamentally, bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions,” Musk explained. The crypto market promptly reacted to the news, sending the price of bitcoin plummeting and the meme currency soaring.
Information for this briefing was found via twitter and Time. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.