Elon Musk’s Recent Tweet about Dogecoin

Elon Musk’s Recent Tweet about Dogecoin

Elon Musk's Recent Tweet about Dogecoin

Following Tesla CEO Elon Musk’s announcement that the meme-based cryptocurrency dogecoin would be accepted as payment for certain of the company’s items on December 14, the value of the cryptocurrency saw a whopping 20 percent increase. Elon Musk’s Recent Tweet about Dogecoin

At the time of writing this post, one unit of dogecoin was trading at $0.19 per dollar. When compared to the previous day, the value had increased by roughly $0.032 percent, or 20.45 percent.

It didn’t take long for crypto experts to connect the price increase in dogecoin to Musk’s tweet, which stated: “Tesla will make some items buyable with Doge & see how it works (sic).”

Musk’s post implied that the electric automaker would accept dogecoin as payment for items on a trial basis. Musk has now deleted the tweet.

Noteworthy is the fact that Musk is well-known for using his social media posts to influence the value of the dogecoin. His previous tweets on cryptocurrencies, including one in which he referred to it as “the people’s crypto,” have contributed to the meme coin’s 5,859 percent increase in value over the last year, according to statistics from the Coinbase website.

Musk did not clarify what kind of products might be purchased using dogecoin, which has a starting price of $50 and may go as high as $1,900. Replicas of Tesla automobiles are available for purchase, as are clothes, ‘Giga Texas’ belt buckles, and small models of the company’s vehicles. The company also offers bizarre limited-edition things such as the ‘Cyberwhistle,’ which is based on its much-anticipated Cybertruck. It has also just introduced a quad bike for youngsters called the ‘Cyberquad,’ which is based on the truck.

Elon Musk’s Recent Tweet about Dogecoin

Elon Musk's Recent Tweet about Dogecoin

Mr. Musk, a proponent of cryptocurrencies, has often praised dogecoin and said that it is more convenient for transactions. He most recently stated this in an interview with Time magazine, which named him “Person of the Year” for 2021 on Monday.

As he put it, “Bitcoin is not a suitable alternative for transactional cash.”

In a May Twitter poll, Musk asked people whether they wanted Tesla to accept dogecoin as a form of payment. In May, he appeared as a guest host on the comedy sketch television programme “Saturday Night Live,” when he referred to dogecoin as a “hustle.” Elon Musk’s Recent Tweet about Dogecoin

This year’s retail trading craze has been fueled in large part by Musk, who has more than 66 million followers on Twitter and has been active in talking about cryptocurrencies and contributing to the rise in their values.

Elon Musk, the creator of Tesla and a billionaire, said on Tuesday that the electric automaker would take the meme-based digital currency dogecoin in exchange for items as a test.

Elon Musk's Recent Tweet about Dogecoin

This year, the cryptocurrency market has seen significant oscillations, which have often been triggered by Musk’s comments. As a result of his remarks on dogecoin, the cryptocurrency’s value has risen at an alarming rate this year. Elon Musk’s Recent Tweet about Dogecoin

Cryptocurrencies have garnered the ire of authorities throughout the globe, yet they have managed to trade at record highs as investors race to benefit on price swings that have been unprecedented in recent history.

Regulatory authorities throughout the world are concerned that the growth of privately run currencies would weaken their ability to oversee the financial and monetary systems, create systemic risks, encourage financial crime, and harm investors. Elon Musk’s Recent Tweet about Dogecoin

According to regulatory papers dated Monday, Musk has been selling off a portion of his ownership in Tesla, most recently selling $906.5 million worth of the company’s stock in a transaction valued at $906.5 million.

In this blog we have provided information about Elon Musk’s Recent Tweet about Dogecoin

ALSO READ: ELON MUSK’S ADVICE FOR CRYPTOCURRENCY

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