This time, #ElonMusk , the CEO of #SpaceX and Tesla, the world's biggest maker of electric cars, is stoking interest in cryptocurrencies, perhaps with a specific emphasis on Dogecoin, the well-known parody cryptocurrency.
Musk's latest actions have been noted by the crypto community because they continue to illustrate his power in changing the market dynamics of digital currency.
Musk, the billionaire who also owns the X app (previously known as Twitter), said on Sunday that "something great is coming shortly."
The cryptocurrency community reacted positively to this tweet, particularly accounts with a Dogecoin theme.
Something great is on the way.
July 29, 2023 — Elon Musk (@elonmusk)
Based on Musk's previous mentions of this development, many individuals, including influencer David Gokhstein, believe that X will include DOGE - the biggest meme currency - as a payment option.
This expectation stems from Elon Musk's earlier extremely discreet hints that a similar move may be coming.
#DogeCoin (DOGE) had a spectacular price spike on Friday, capturing the attention of the cryptocurrency world. DOGE's price climbed by more than 10% on that day, breaking beyond the $0.07 barrier.
DOGE was trading at $0.08 at the time of writing, up 2.7% from the previous day. Nonetheless, the meme currency demonstrated its usefulness on a weekly basis, increasing in value by around 13% in reaction to Musk's article.
This positive momentum-driven growth in value resulted in a significant increase in the asset's market capitalization. As a consequence, the cryptocurrency's market cap surged by an estimated $1 billion, reaching a new high of $10.66 billion from its previous value of $9.67 billion.
The causes for this astonishing surge have sparked passionate debate among many members of the crypto community.
One of the most fascinating current speculations is that DOGE, the disputed cryptocurrency, might be included into the source code of Tesla's website's payment page.
This thought has grown as fans and investors alike anticipate the possible consequences of such a development. The mere idea of #DOGE being a payment option for Tesla has aroused interest and led to optimistic forecasts for the cryptocurrency's future.
If Elon Musk genuinely incorporates $DOGE payments into his X program, Dogecoin will see a major gain in usefulness and acceptability, as well as a substantial price increase.
