Movers and SHAKERS
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Musk Boosts DOGE Once Again
Dogecoin was up more than 20% at one point today after Tesla (TSLA) CEO, and recently announced TIME person of the year, Elon Musk announced that the company would start to accept DOGE as payment for some of its branded products and “see how it goes.” While it was not made clear in the announcement which products would be available for purchase with DOGE, speculators assume it will be limited to products such as clothing and novelty items.
In a recent interview with Time, Musk reiterated his support for DOGE as a transactional currency, favoring it over Bitcoin due to higher transaction volume and a lower cost per transaction. Dogecoin is a currency that “encourages people to spend, rather than sort of hoard as a store of value,” he said.
A Musk tweet influencing the value of a cryptocurrency is nothing new. In the short-term, this announcement sent DOGE to its highest value since December 3 – still well off of its all-time high of over 0.57USD. Seeing “how it goes” leaves the door open to numerous possible outcomes, but, if successful, further adoption of the crypto coin, both by Tesla and by other companies, could help boost its value.
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