Dogecoin Rallies, As Tesla CEO, Hints At The Adoption Of DOGE As Payment Option

World’s billionaire Elon Musk has revealed That his company Tesla will now be accepting payments in DOGE tokens for wares and commodities purchased from the company.

Named as the Man of the Year by Times Magazine just yesterday, Elon musk announced on behalf of Tesla their intention to launch a wares catalog that will accept payments in DOGE. He added that he isn’t omniscient and can’t predict the effect of such actions, but he is optimistic, and they at the company will see how it goes.

The radical adoption of cryptocurrency as a payment option isn’t the first of its kind the company has seen. In February, Tesla announced that it would start accepting payments for its electric vehicles in Bitcoin earlier this year.

Elon Musk And Dogecoin

Dogecoin is a meme-inspired cryptocurrency token that was synthesized as a joke. It is not the only member of this family in the cryptocurrency world.

The only marginally successful members of this family are Dogecoin, Shiba Inu and Floki Inu.

The bulk of DOGE’s success can be attributed to Elon Musk. The billionaire is one of a kind and surely deserves the honor of the title Man of the year awarded to him earlier this week on Monday. He has been a staunch fan and supporter of the meme coin even when developers abandoned it.

His promotions and utility of the token saw it rise by almost 4500% early this year in May as investors were optimistic about its future.

The promotions and recommendations drove a massive number of investors to invest in the coin, resulting in an enormous infusion of capital into the currency for acquisition and trading purposes.

The infusion of capital for trading and acquiring the coin consequently drove up its price and boosted its market capitalization to an all-time high. The cryptocurrency ranked 5th on Coinmarketcap’s ranking of cryptocurrencies at its peak performance.

Earlier in May, he had previously asked his followers on Twitter where he conducted a Twitter poll on if his company should start accepting DOGE as payment which the answer was a massive yes compared to the nos.

Elon Musk has done it again; his announcement featured in a press release showed his opinion about Dogecoin and Bitcoin. He stated that he believes DOGE is a better payment avenue than Bitcoin.  However, he did not diminish the worth of BTC to favor DOGE; he concluded that BTC is a better option for storing cryptocurrency.  

The Effect Of Elon Musk’s Revealing

Elon Musk and Tesla are vital ingredients in the cryptocurrency industry’s success this year, in 2021.

Surprisingly, as a person that was so crucial to the crypto industry’s growth this year, Musk does not believe that the industry is on a path to success, unlike other crypto zealots. He shared this opinion in a recent interview he granted after being named Time’s Man of the year.

Dogecoin has risen by almost 34% since Elon Musk’s announcement and now trades at a week peak price of $0.20.