Musk again supports Dogecoin business idea

On December 14, Tesla developer Elon Musk tweeted that the automaker would accept Dogecoin (DOGE) as a payment method for some of the experimental products. Shortly after the tweet, DOGE rose 46.6%, turning it "slightly green" in the "million red group" of the crypto asset market.

The “godfather” who ran the Dogecoin business is back.

People called Musk "The Godfather of Dogecoin". Tesla developers have relied on personal terms only this year to replace the value of DogeCoin, which was crunched as a joke seven years ago, from pennies to pennies. As a result, over 140 times a Meme coin section has been created in the money market, and a large number of Dogecoins of various animal ideas in the market are increasing the speculation rate large and small.

This time, DOGE was resuscitated by the news that Tesla had acquired Dogecoin in exchange for certain items, proving the speculation of the Meme coin once again.

Tesla accepts Dogecoin for certain products.

"Tesla will provide some purchases from Doge to see the situation." On December 14, Tesla founder Elon Musk tweeted about DOGE's use of the case.

When the tweet came out, DOGE turned the tide against the impact of the overall cryptocurrency market drop from around $ 0.15 to $ 0.22, up 46.6% in two hours. , then fell to $ 0.22 in two hours. US $ 0.19 for 4 hours.

Musk said some Tesla products will support Dogecoin payments.

Musk did not specify which products can be purchased with Dogecoin. If you look at the Tesla brand, the cost of surrounding items such as clothing, used models, and mini Tesla car models ranges from $ 50 to $ 1,900. Not too long ago, after the new Cybertruck model was released on December 10, the Cyberwhistle (Tesla whistle) device based on this model was released for $ 50.

It's unclear whether this Tesla device supports Dogecoin payments, but Musk, who has over 66 million Twitter followers, already knows.

According to Coingecko data, Musk's tweets on Dogecoin, including tweets calling Dogecoin a “human cryptocurrency,” helped crypto assets grow by 14406% last year. At the start of the year, Dogecoin was valued at just $ 0.0047. In May of this year, the month Musk selected the most crypto asset, Dogecoin peaked at $ 0.6818, but fell to $ 0.0047 two months later. The low of $ 0.1728 is down 74.6% from all-time highs.

Dogecoin was first launched as a joke by programmers Billy Marcus and Jackson Palmer in 2013, banning Dogecoin from infuriating Bitcoin to become the first Meme coin due to its low cost and ease of mining. It's mined on a computer, owned by many crypto enthusiasts, was first used for giveaways, and has a solid foundation.

So far this year, it can be said that Dogecoin has been completely ignored due to Musk's personal tastes. Not only that, but his pet Shiba Inu and his name are the reasons why some Meme coins like Shiba Inu and Floki Inu have appeared in the cryptocurrency market. This fake version of Dogecoin is popular for its large size and low price. A large number of investors are entering the market and speculating on high demand, and the high market for the Meme coin continues to bubble.

The coin industry is always in fashion.

Tesla's acceptance of Dogecoin payments is still in Musk's tweet stage. The developer once said "Tesla accepts Bitcoin as payment" and canceled the refund within two months. He believes that "Bitcoin is not an exchange for the currency market".

In May of this year, Musk asked Twitter users if they wanted Tesla to accept Dogecoin. Later on the TV show, Dogecoin was sort of a "market turmoil".

The founders of the world's largest electronic vehicle maker and its return to crypto assets have started to impact the market. Bitcoin started breaking all-time highs for the first time this year after Musk later said Tesla would not accept Bitcoin payments. Since then, Musk has been blacklisted by some cryptocurrency enthusiasts.

News that Tesla has acquired Dogecoin as payment for certain products has taken Dogecoin even higher and has reignited speculation on the commercialization of certain crypto assets, particularly Meme coins.

Some cryptocurrency traders argue that Dogecoin shouldn't be treated as "memetic stocks" like GameStop and AMC. Brad Garlinghouse, CEO of cryptocurrency firm Ripple, said bluntly that he doesn't believe Dogecoin is good for the cryptocurrency business.

DOGE market complaint this year

"Meme coins like Dogecoin are a valued asset. Within this vast legacy, sentiment is often one of the most important value drivers." Crypto asset analyst Chris Macdonald seems to have paid a lot of attention to the Meme coin market. Significance of the increase in Internet search volume The recent price of Dogecoin has coincided with the increase in the search volume of MimiCoin, and the recent price has also led to a decline in research.

In addition, some investors have raised awareness about the importance of crypto assets such as Dogecoin. Compared to other large blockchain networks, these tokens are less profitable, but traders are still more willing to assess their value. We're looking for ways, "he said. Metric investors are looking at a relationship between coin mining and market value," McDonald's said. “The dish is going up in Dogecoin this year. It has happened with the increase in mining performance. But it will be more of a relationship than a relationship.” “

McDonald's believes 'Dogecoin isn't as good as it used to be on the moon,' as human interest in the Meme coin plummeted (and search volume, as it suggests), and sentiment weighed heavily on the market.