Musk announces payment plans for Tesla product, Dogecoin goes up soon

After briefly acquiring Bitcoin as part of Tesla's payment for electric vehicles this year, Tesla CEO Elon Musk said electric car makers will accept Dogecoin as a payment method for their items. Since then, Dogecoin's peaks have been 33%.

Dogecoin jumped 33% after Tesla CEO Elon Musk said power companies would accept Dogecoin as a payment method for their products.

“Tesla will open the Dogecoin payment channel for some of its products and will listen carefully to future developments,” Musk tweeted.

Following Musk's tweet, Dogecoin climbed to $ 0.20 and then fell back to around $ 0.18.

Yesterday named People of the Year by Time magazine, Musk previously supported the development and adoption of Dogecoin, even as the token developer abandoned the project in early 2015.

Earlier this year, Tesla began accepting Bitcoin as a payment option for electric vehicles. As people become more concerned with Bitcoin's efforts, the experience has been swift and stalled.

Musk often posts information about Dogecoin on Twitter. In February, he announced a photo of a rocket next to the moon. Shortly after, he tweeted "Doge (Doge)". It's a joke on the term "moon landing". "Monthly landing" refers to the value of an asset. That same month, he posted footage from The Lion King, where he played Rafiki and Shiba Inu played Simba. The price of Dogecoin has jumped again.

Musk said in a May tweet that he is working with Dogecoin developers to improve performance. This increased Dogecoin's rate by 22%. Then in June, he said on Twitter that it was important to "support" the deal to lower the prices of Dogecoins. This will make Dogecoin more competitive compared to other cryptocurrencies.

However, Musk doesn't see success in the cryptocurrency space like many cryptocurrency enthusiasts do. In a recent interview after being named "Time" Magazine People of the Year for 2021, Musk said, "I'm not happy with the fiat cryptocurrency exchange."