Dogecoin, infamously known as the cryptocurrency, with the internet-famous Shiba Inu dog meme rose drastically last Friday, January. The unexpected rise comes after Tesla’s owner billionaire, Elon Musk, made a series of tweets surrounding the coin. According to Musk, Dogecoin will now be accepted for Tesla merchandise.

Musk stated in a bold and unpredictable move, that Dogecoin would be accepted as a currency to purchase Tesla merchandise. The currency’s value then rose by a whopping 15% after Musk’s tweet.

According to Coinbase, Dogecoin saw an increase of $0.02 after the tweet with an overall rise of 5,859% over the course of the past 12 months.

True to his words payments in Dogecoin made their appearance on Tesla’s website. The products varied from $2,368 (12,020 doge) electric quad bikes to the cheaper $57 (300 doge) whistle.

Dogecoins’ popularity mostly stems from its publicity in the cryptocurrency world. Additionally, this would not be Musk’s first time endorsing the coin. In July 2021, Musk commented on Twitter that Dogecoin’s recent update may give it an edge over renowned cryptocurrencies Bitcoin and Ethereum. In one off the bat incident, Musk even caused the value of Dogecoin to plummet. This occurred when he labeled it a ‘hustle’ during his appearance on Saturday Night Live.

A Bit of Background

Musk is known to hold a highly influential position in the world of cryptocurrency. He has advocated the use of cryptocurrency for years. Garnering a cult following on Twitter and Reddit, where any move made by Musk generates a massive buzz. Thus, it really does come as no surprise when his tweets on Friday cause a massive soar in Dogecoin’s value.

In the future, as the popularity of cryptocurrency rises it may become the new norm of celebrity billionaire endorsements along with their followers to help cryptocurrencies reach new highs.

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