A few days after Elon Musk announced SpaceX’s commitment to accepting the company’s payment at Dogecoin and Tesla to suspend purchases using Bitcoin, the price of cryptocurrency Dogecoin has risen sharply.
In Elon Musk’s first game on Saturday night live last weekend, Dogecoin registered for a price increase, but it soon declined after calling the meme-inspired cryptocurrency a ‘hustle’.
It seems Musk’s tweets are the driving force behind Dogecoin’s downfall. After a recent tweet on May 14 by Musk, its price (Dogecoin) started to rise again.
“Working with Doge devs to improve the efficiency of the system. It could be hopeful,” Musk wrote on Twitter.
Known as an online troll, with a history of using a microblogging site to throw the stock market into tailspin due to punchline, Musk sent another tweet ‘Don’t panic’. Although people view it as a joke, in Musk’s past history no one knows in depth what he meant.
According to Coinbase and Trading View, following Musk’s tweets, Degecoin’s value increased by about 18 percent, with its market cap estimated at $ 10 billion. Compared to the previous day, Dogecoin’s value is still about 11 percent higher.
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On Wednesday, the founder of Tesla announced that it would no longer accept car payments in Bitcoin. He cited ‘the rapidly increasing use of mineral oil in Bitcoin mines and made it’ as a valid reason.
While on the other hand, SpaceX agreed to accept a payment that included only Dogecoin from Geometric Energy Corporation based in Canada to secure its 88-kilometer satellite location at a 2022 planned fleet, reports technology website Gizmodo.
