Tesla and SpaceX CEO Elon Musk tweeted that his companies may accept payments in Dogecoin. And DOGE price has risen a bit.
Crypto volatility is maybe the worst thing in the digital assets market.
Media coverage is tightly connected with speculations as social platforms and newspapers have a lot of influence on the market trends.
One of the greatest crypto newsmakers is Elon Musk. His interest in crypto and plans to adopt it inside his companies made tokens’ prices go up and down.
For example, last year he posted his dog’s photo and cause the Dogecoin price to skyrocket.
Now it is happening again. Elon Musk is using Twitter to push Dogecoin up.
Elon Musk is helping Dogecoin again
‘Tesla merch can be bought with Doge, soon SpaceX merch too’, Musk tweeted.
Shortly after the tweet, Dogecoin surged as much as 10% to nearly 9 cents, correcting the last 6.14% decline. That day DOGE closed trading at $0.0814. So Elon Musk once again helped Dogecoin to rise.
The billionaire also announced that SpaceX’s Starlink memberships could ‘one day be paid for Dogecoin.
By the way, at the time of writing DOGE is trading for $0.081 again,
Musk calls himself ‘Dogefather’ since early 2021 as his statement that users can buy Tesla items with DOGE caused a 32% percent increase in the asset value.
A year ago SpaceX discussed the ‘DOGE-1 Mission to the Moon’ launch in the first quarter of 2022. According to the Geometric Energy Corporation, DOGE-1 should have been a 40-kilogram cube satellite flying as a payload on a Falcon 9 rocket.
As we can see, the plan has been postponed.
Musk losses in Bitcoin
In February 2021 Tesla EV manufacturer disclosed a $1.5 billion Bitcoin acquisition.
Earlier that year Tesla used to accept Bitcoin for merchandise and even car purchases. Then the company stopped any crypto transactions because of the alleged harmful effect of Bitcoin mining on the Earth.
After the last mid-May crypto market collapse, Tesla could lose a huge sum of its assets.
“As of March 31, Tesla said it held $1.26 billion in digital assets. Add that to the $272 million that the company made from previous sales, and you get slightly over $1.5 billion, meaning Tesla was just barely breaking even on its investment before Bitcoin tumbled another 30%,” Business Insider wrote.
But it’s unknown whether the company succeeded to cash out its holdings at just the right time.
The answer will be available along with the next Tesla quarter financial report.
We’ll also have to wait and see if Elon Musk is able to save Dogecoin once again.
Sources: Bitcoinist, Business Insider
