Founder of the electric car company Tesla, Elon Musk, has revealed plans to sell cars for the cryptocurrency Dogecoin (DOGE). Musk discussed plans to accept payment for Tesla in DOGE during his speech at the Berlin-Brandenburg electric car factory, which opened in the spring of 2022.
Dogecoin immediately responded with a surge in value to this announcement.
Musk has a long-standing relationship with Dogecoin. The businessman calls DOGE his favorite coin and frequently mentions the cryptocurrency on his social network X, where he also protects his funds from inflation. According to some reports, Musk secretly funded the development of DOGE.
Mentions of the cryptocurrency by Musk have repeatedly caused its value to rise, as Musk’s voice carries significant weight.
In 2021, Piplsay analysts found that almost 40% of Americans are influenced by the businessman’s tweets when making investment decisions. Musk’s interest in Dogecoin has thus ensured the cryptocurrency’s status as the most capitalized meme coin.