With a market capitalization of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.
Elon Musk has proven time and time again that his tweets can affect the cryptocurrency market in many ways. The billionaire proved it once again. This time he tweeted about Dogecoin. Musk wrote: "Tesla merchandise that can be purchased with Dogecoin." The Tesla CEO's comment has sparked a lot of speculation among Dogecoin fans. Dogecoin's value also jumped nearly 20 percent after Musk's tweet. It was also included as a payment option on the Tesla website. With a market capitalization of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.
According to the Tesla website, Dogecoin could be used to purchase items like the cyber whistle, Giga Texas Belt Buckle Y cyberquad for kids.
Here is Elon Musk's tweet:
Tesla merchandise that can be purchased with Dogecoin
โ Elon Musk (@elonmusk) January 14, 2022
At the time of writing the report, Dogecoin was trading at Rs 15.63. For live prices of Dogecoin, click on here. Many people also showed their joy after Musk's tweet went viral.
Dogecoin co-creator Billy Markus was among those who tweeted his approval of the move.
me
it's happening!#dogecoin#doge4teslahttps://t.co/aYKGdYjJ5hpic.twitter.com/271DIW8oFJ
โ Shibetoshi Nakamoto (@BillyM2k) January 14, 2022
The official Twitter handle of the cryptocurrency exchange also posted a tweet depicting a Doge riding a Tesla vehicle.
โHuobi (@HuobiGlobal) January 14, 2022
One user reacted to the tweet by writing about the institutional adoption of Dogecoin.
BREAKING: Doge now has more institutional adoption than Bitcoin.
โ Mr. Whale (@CryptoWhale) January 14, 2022
Matt Wallace, a crypto YouTuber, wrote: "Tesla accepting Dogecoin is huge!"
TESLA ACCEPTING #DOGECOIN IT'S HUGE!!!!!! Thanks Elon! We're live right now on YouTube covering this: https://t.co/bBY5IKsVee
โMatt Wallace (@MattWallace888) January 14, 2022
Wallace also added in another tweet, "Dogecoin to the moon!"
DOGECOIN UP THE MOOOOOOOOOOOOOOOON!
โMatt Wallace (@MattWallace888) January 14, 2022
Cryptocurrency influencer Nahid Hasan posted a hilarious meme in reaction to Musk's tweet.
Now $DOGE be like???? pic.twitter.com/uA3cmrIFUh
โNahid Hasan (@Nahid8022) January 14, 2022
However, some users were skeptical about Elon Musk's intentions behind this sudden move.
One user felt that people should be "careful" because in the past, after such a tweet, the value of Dogecoin increased. The user added that now that the Dogecoin chart is fluctuating, Musk may try to sell his holdings.
In the past after this type of tweet dogecoin would be at least 5x now the chart goes up and down can you please try to sell your dogecoins? beware!
-Sima Baktas???? (@simabaktas) January 14, 2022
Another user also tweeted along similar lines.
here you go pumping dogecoin so you can throw it away and make us poorer while you get richer
โ Jeffrey Werkins (@JxffreyP) January 14, 2022
One user tried to place an order with Tesla and tweeted: โThanks Elon! This is an amazing initiative and the perfect way to encourage the practical use of cryptocurrencies.โ
Thanks Elon! This is an amazing initiative and the perfect way to encourage practical #cryptocurrency use
I just bought a Giga Texas belt buckle with #DOGE!
I wonder if Tesla HODL will be the #dogecoin acquire? Will it stay like $DOGE on balance? To the moon! pic.twitter.com/I8wOJzYWl2
โ ???????????? (@itsALLrisky) January 14, 2022
Previously, in December, Musk had tweeted that Tesla would accept Dogecoin as a form of payment for merchandise.
Tesla will do some purchasable merchandise with Doge and see how it goes
โ Elon Musk (@elonmusk) December 14, 2021
For most of 2021, Elon Musk's tweets about Dogecoin, in which he referred to the cryptocurrency as "people's cryptocurrency," sent its value skyrocketing.
