In what is virtually a sea of red crypto right now, Dogecoin shot up more than 17% tonight ($0.1926), on the back of a tweet from Elon Musk. Musk says they will make some merch, as in Tesla products from their online Store, available to be purchased with Dogecoin and see how it goes.
Tesla is no stranger to crypto after announcing a 1.5 billion investment in Bitcoin back in February and even temporarily allowed deposits for vehicles with the digital currency.
Bitcoin is much more targeted as a store of wealth, with fairly high transaction fees, which on small items doesn’t make a lot of sense, so trying a currency like Dogecoin that in theory should be able to cope with higher throughput and lower fees, could succeed.
Dogecoin was never meant to be any more than a joke, but currently sits in 10th spot by Market Cap on https://coinmarketcap.com
It is still amazing that despite having a $24 Billion Market Cap, that a currency can be moved so dramatically from a single tweet. It is probably worth pointing out that a Tweet from Musk could potentially be seen by as many as 66 Million of his followers.
