Elon Musk, the CEO of Tesla Motors, is a crypto fanatic and does not hide it. In Particular, Musk loves Bitcoin (BTC) and Dogecoin (DOGE).
Dogecoin could be used to buy merchandise from Tesla Motors. Musk noted that Tesla merchandise can now be bought using Dogecoin.
On 7th April, during the grand opening of another Tesla factory in Austin, Musk completed a nod to DOGE by inserting its image into the celebrations.
Musk Helps Dogecoin Price Spike Twice in a Week
This tribute resulted in an almost immediate price response. DOGE gained 4.5% to reach USD 0.149467 and a market cap of USD19.74 billion. It was not just DOGE that took an uptrend. Shiba Inu, another popular meme, shot up by 2.6%. Bitcoin’s price also moved up by 0.6%.
This is the second time in a week that Elon Musk is causing the DOGE price to spike. A few days earlier, Musk announced that he owns over 9% of TWTR. This announcement spiked the price of DOGE by 10%. Crypto enthusiasts are now hoping that Musk can help push Twitter to embrace Dogecoin.
Dogecoin has an image of Shiba Inu, which also serves as its logo. It is the first “meme coin,” which means that it was inspired by the meme of the humorous character.
The coin was developed by software engineers Jackson Palmer and Billy Markus, who wanted to develop a payment system just as a joke. They held the view that the coin made fun of the huge speculations of cryptos.