With the cryptocurrency market in turmoil of late, one shattering statement follows another. This week, it’s Elon Musk who’s considering the idea of opening up Tesla vehicle purchases to Dogecoin (DOGE). Could this be the return to favor of memecoin for the billionaire?
Elon Musk talks about Tesla purchases in Dogecoin (DOGE)
Elon Musk talked about his favorite cryptocurrency, Dogecoin, during a tour of the Berlin “gigafactory”. He was taking questions from the audience when he was asked if Tesla vehicles could soon be purchased with DOGE. And his answer was unequivocal:
“At some point, I think we should allow it. “
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.” pic.twitter.com/Suk7bifuHC– Sir Doge of the Coin ⚔️ (@dogeofficialceo) March 14, 2024
As a reminder, Tesla had already chosen to offer the purchase of certain items from its store in DOGE. However, this did not apply to the brand’s vehicles. Elon Musk also reiterated his support for the cryptocurrency:
” Dogecoin to the moon. DOGE is the people’s currency, so I’m going to support it. “
We also recall that the billionaire quietly financially supported the evolution of Dogecoin, according to biographer Walter Isaacson. In any case, Elon Musk’s support for memecoin is now legendary: when he bought Twitter, he even went so far as to temporarily change the site’s logo.
The return of the “Elon effect “
Elon Musk has also become known for the effect his statements have had on the price of Dogecoin over the years. And this latest outing is no exception, as the DOGE price jumped immediately afterwards:
The Elon effect at work on the Dogecoin price
In the space of 2 and a half hours, the Dogecoin price jumped by 16%, approaching the psychological threshold of 0.20 dollars. Dogecoin’s capitalization has risen accordingly, reaching $26.6 billion this morning. This consolidates the cryptocurrency’s position as one of the most highly capitalized memecoins of the moment.
So it’s the classic bull run story. Elon Musk talks about Dogecoin, the crypto takes off. Will this support be followed by action, and will we soon be able to actually buy a Tesla in DOGE? That remains to be seen.
