Dogecoin spikes 14% on Elon Musk’s latest support
On March 13, Elon Musk said Dogecoin could be considered a payment method for Tesla “at some point.”
The comments came as Musk addressed the crowd at Tesla's manufacturing plant in Berlin.
Musk asked an audience if electric vehicles could be purchased using DOGE in the near future. “At some point, I think we should enable that,” he replied, “Dogecoin to the moon.
Elon Musk said he started supporting DOGE after walking around his factories and talking to people on the production line. “DOGE is the people's crypto, so I support it,” he said, adding that many rich people would support Bitcoin, but if the people online want me to support DOGE, I will support DOGE.
BREAKING: Tesla Will Enable $DOGE Payments “At Some Time” In The Future
Elon: “Dogecoin to the Moon”
pic.twitter.com/Gdrl3bBHql
— Mario Nawfal (@MarioNawfal) March 14, 2024
Moreover, it is not the first time that the auto maker has failed in Dogecoin. Tesla will begin accepting DOGE payments for the company's merchandise in January 2022.
Dogecoin spins again
Dogecoin rose 14% after the comments, rising from $0.166 to $0.189 in the Asian trading session on Thursday morning.
The doggy-themed token is now up 43% over the past two weeks as it rides on Bitcoin's coattails, which is now at an all-time high this week.
DOGE was trading at $0.184 at the time of writing, but is down 75% from its May 2021 all-time high of $0.731.
It spent the first two months of this year trading at the $0.080 level before rebounding in late February.
Meme Coin is the tenth largest cryptocurrency by market capitalization, with a whopping $26 billion, according to CoinGecko.
Meme coin madness
Meme coins have been pouring in lately, with Shiba Inu, PEPE and BONK on the rise. PEPE is up 17% on the day, dogwifhat (WIF) is up a ridiculous 35%, and BONK has gained 17% in the last 24 hours.
The total market capitalization of all memecoins is $65.5 billion, which is equal to 2.3% of the entire crypto market, according to CoinGecko.
The total crypto market capitalization reached an all-time high of $2.90 trillion. Bitcoin hit a new high of $73,700 in Asian Thursday morning trading, but Ethereum retreated below $4,000.
Binance Coin (BNB) and Solana (SOL) also performed well, gaining 14% and 10% respectively.
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