Elon Musk has proved time and 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 merch buyable with Dogecoin.” The Tesla CEO's remark has sparked great speculation among Dogecoin fans. The value of Dogecoin, too, surged nearly 20 percent after Musk's tweet. It was also included as a payment option on the Tesla website. With a market cap of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.
Here's Elon Musk's tweet:
Tesla merch buyable with Dogecoin— 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 here. Many people also showed their delight after Musk's tweet went viral.
Dogecoin co-creator Billy Markus was one of those who tweeted his approval of the move.
The official Twitter handle of cryptocurrency exchange also posted a tweet in which a Doge was pictured riding in a Tesla vehicle.
One user reacted to the tweet by writing about the institutional adoption of Dogecoin.
BREAKING: Doge now has more institutional adoption than Bitcoin.— Mr. Whale (@CryptoWhale) January 14, 2022
Matt Wallace, a crypto YouTuber, wrote, “Tesla accepting Dogecoin is huge!”
Wallace also added in another tweet, “Dogecoin to the moon!”
DOGECOIN TO THE MOOOOOOOOOOOOOOOON!— Matt Wallace (@MattWallace888) January 14, 2022
Crypto influencer Nahid Hasan posted a hilarious meme in reaction to Musk's tweet.
However, a few users were sceptical about Elon Musk's intentions behind this sudden move.
One user felt that people needed to be “careful” because in the past, after such a tweet, the value of Dogecoin rose. The user added that now since Dogecoin's graph was fluctuating, Musk may try to sell his holdings.
In the past, after this kind of tweet, the dogecoin would be at least 5x, now the graph goes up and down, he might try to sell his dogecoins???? be careful!— Sima Baktas???? (@simabaktas) January 14, 2022
Another user, too, tweeted on similar lines.
here you go pumping dogecoin so u can dump it and make us poorer while u get richer— Jefery Werkins (@JxffreyP) January 14, 2022
A user tried placing an order with Tesla and tweeted, “Thank you Elon! This is an incredible initiative and the perfect way to encourage practical cryptocurrency use.”
Thank you Elon! This is an incredible initiative and the perfect way to encourage practical #cryptocurrency use— ???????????? (@itsALLrisky) January 14, 2022
I just bought a Giga Texas Belt Buckle with #DOGE!
Wondering, will Tesla HODL the #Dogecoin it acquires? Will it stay as $DOGE on the balance sheet? To the moon! pic.twitter.com/I8wOJzYWl2
Earlier, in December, Musk had tweeted that Tesla would accept Dogecoin as a mode of payment for merchandise.
Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
For the most part of 2021, Elon Musk's tweets about Dogecoin, in which he referred to the cryptocurrency as “people's crypto”, skyrocketed its value manifold.