May 24, 2022

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Dogecoin is up 23% after Tesla announced it would pay for purchases

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The cryptocurrency “Dogecoin” recorded a significant increase in its value during today’s trading, with Elon Musk, the world’s richest man and Elon Musk, founder and CEO of Tesla, the maker of electric cars, announcing that his company will accept Dogecoin. ”As a payment tool for certain purchases.

According to CNBC, Musk tweeted, “Tesla will accept payment for some purchases using Dogecoin, and let’s see how things go.”

The Network reports that Musk’s tweet today led to a 23% increase in the value of “Dogecoin”. “Dogecoin” rose 15% in its last trade today and its price was 18 cents, he said.

Musk has always promoted Dogecoin, which he has described more than once as his favorite digital currency. Musk is famous for his tweets, which can affect different companies or products, either positively or negatively, their stock prices.

Dogecoin was started as a comedy by Billy Marcus and Jackson Palmer, who introduced it in 2013 after selecting the image of the Japanese Shiba Inu dog as a symbol for the new cryptocurrency. This explains why the word “dog” exists in the name of the coin, which means “dog” in English.

Dogecoin started its career this year with a low value not exceeding one-hundredth, and then rose to a record high last May when its price reached 74 cents. Dogecoin then fell to 20 cents.

Many investors in virtual currencies question the quality of “Dogecoin” and its ability to compete in the market for these currencies because they regard it as an event similar to the so-called “meme shares” that are gaining popularity. Social networking sites among retail investors, they are often young and inexperienced. The popularity of “meme shares” is largely attributed to “logos” or “ideas that spread quickly across the Internet” that are spreading among small investors.

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