When the cryptocurrencies like Bitcoin, Ether and other so-called Stablecoins like TerraUSD and Luna etc. are going downwards in market value, Dogecoin has been bucking the trend and trying to go upwards thanks to its main proponent in Elon Musk, world’s richest man.
Elon Musk has announced via tweet that like Tesla merchandise, SpaceX (Space Exploration Technologies Corporation, a company founded and owned by Elon Musk, just like Tesla) merchandise would soon be bought with Dogecoin.
Elon Musk tweeted, “Tesla merch can be bought with Doge, soon SpaceX merch too.”
When one Twitter user asked Musk if Dogecoin can be used to pay for Starlink (Satellite Internet service provide through SpaceX) services, Musk replied that it was also possible.
Dogecoin – A Meme Coin
Dogecoin, better known as meme coin, was launched on December 6, 2013 by software engineers Billy Markus and Jackson Palmer to mock the speculative nature of cryptocurrencies.
Surprisingly, the Dogecoin, which was launched merely as a joke by its creators, had been abandoned by them. But after its adoption by Elon Musk, this cryptocurrency has been able to achieve astronomical valuation in crypto market.
Musk has not yet specified any date from when customers can make payment for Starlink merchandise. At present, customers can make payments for Starlink’s merchandise through credit cards only.
It is notable that whole cryptocurrency market is fighting slump in prices and bad news of collapse of Terra USD. But Elon Musk’s tweet about Dogecoin in such times has been instrumental in keeping Dogecoin not only afloat but swimming against the current.
Musk has made significant investments in Cryptocurrencies like Bitcoin, Ether and Dogecoin. However, as per website of Tesla, only Dogecoin is accepted for payments of Tesla products. It says, “Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets.”
On occasions also, Musk has announced that Dogecoin is a better cryptocurrency than Bitcoin for transactions.
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