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- The world’s richest man and CEO of Tesla, Elon Musk, sent shockwaves through the crypto industry by making a surprising announcement regarding Dogecoin
(DOGE). - Musk emphasized his steadfast support for the dog-themed crypto and explained why he has backed Dogecoin in the past.
- Musk revealed that many people approached him to support Dogecoin while he was working at Tesla and SpaceX facilities.
Amid days of continued bullish sentiment in the crypto market, Elon Musk made a striking statement regarding Dogecoin payments!
Tesla Could Add Dogecoin as Payment Method
The world’s richest man and CEO of Tesla, Elon Musk, sent shockwaves through the crypto industry by making a surprising announcement regarding Dogecoin (DOGE). Musk stated that he is exploring the possibility of adding DOGE as a payment method for purchasing Tesla cars.
Elon Musk recently visited the Tesla factory near Berlin, Germany, amidst suspicion of an arson attack, and mentioned Dogecoin in his speech. He emphasized the importance of launching DOGE as a payment method for Tesla and indicated that this might be possible at some point. Additionally, he expressed optimism about the future of the meme coin and jokingly commented, “Dogecoin to the moon.”
If this announcement materializes, it would be a monumental milestone for DOGE in the crypto world, especially as it is currently vulnerable due to its competitor Shiba Inu (SHIB). Meanwhile, Musk reiterated that DOGE can currently be used as a means to purchase Tesla products. Additionally, Musk emphasized his steadfast support for the dog-themed crypto and explained why he has backed Dogecoin in the past.
Musk revealed that many people approached him to support Dogecoin while he was working at Tesla and SpaceX facilities. Eventually, Musk was convinced that DOGE is the “people’s crypto” and decided to support the king of meme coins. He also noted that while many “rich people” support Bitcoin (BTC), he chose DOGE due to the demand from the general public. Furthermore, Musk spread optimism by saying, “DOGE is for you.”
Competition Intensifies Between DOGE and SHIB
There has been an increase in demand for Shiba Inu, surpassing Dogecoin in weekly trading volume. Despite Dogecoin’s leadership position in the meme coin space, Shiba Inu exceeded DOGE’s trading volume last week. SHIB recorded an impressive $31 billion in trading volume last week.
As a result, Shiba Inu reached a significant milestone demonstrating its increasing popularity among traders. Additionally, the entire meme coin market experienced a notable increase in trading volume, reaching an impressive $80 billion level.
In addition to DOGE and SHIB, other cryptocurrencies contributing to this surge include Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK). Particularly, all these popular meme coins saw significant gains last week, further boosting their trading volumes.