On May 27, Elon Musk said on Twitter that merchandise for SpaceX, his space exploration startup, will soon be able to be purchased with Dogecoin, just like Tesla merchandise: “Tesla merch can be bought with Doge, soon SpaceX merch too.”
Right after the Tweet was posted, the price of Dogecoin jumped 15% to $0.085 in just 7 minutes. Its 24-hour trading volume increased by more than 75% to $1.06 billion. Currently, Dogecoin is ranked 10th in Top biggest crypto projects with a market cap of 11 billion USD.
Twitter user @Occupmars42059 then asked Elon Musk if users could subscribe to Starlink satellite Internet service with DOGE. In a response, the US billionaire said Starlink may also accept payments in Dogecoin in the future.
Elon Musk has a long history with Dogecoin. He mentioned this memecoin many times on his Twitter account, helping its price surge.
On January 14, Tesla CEO’s tweet about Dogecoin quickly became a trending topic on the Twitter platform. The price of this memecoin has at one time increased up to 26%. However, many investors do not seem to be very excited about the sudden increase in the price of Dogecoin. According to Coindesk author Edward Oosterbaan, the “Elon effect” impact on the cryptocurrency market, specifically the price of Dogecoin, has made many people feel bored and want to stay away from this memecoin.
In May 2021, Tesla refused to pay in Bitcoin and Elon Musk continuously manipulated the market causing the Bitcoin price to plummet. Many investors have expressed anger, even creating a new cryptocurrency to oppose Elon Musk. STOPELON was born as a movement to call on this billionaire to stop manipulating the cryptocurrency market.
According to InputMag, Elon Musk has already made a lot of profit following the cryptocurrency craze in 2021. However, investors think that the market volatility created by Musk will soon come to an end.
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