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dogecoin price today: Elon Musk pumps Dogecoin with yet another tweet, token surges 25%

dogecoin price today: Elon Musk pumps Dogecoin with yet another tweet, token surges 25%
Written by publishing team

New Delhi: Elon Musk’s favorite Dogecoin app has increased by up to 25 percent in the past 24 hours, following a tweet from the head of the electric car maker, in which he said the company is accepting Dogecoin to buy Tesla goods.

Dogefather’s self-proclaimed tweet sent the original meme token flying higher to $0.2029 on Friday from $0.1623.

Sharrat Chandra, vice president of research and strategy, EarthID, a self-sovereign identity management platform, said Tesla enabled its back-end to allow Dogecoin payments goods such as Cybersquad and the Giga Texas Belt Buckle.

He added, “People are more open to using cryptocurrencies for payments. A recent survey by Visa showed that small business owners across nine geographies are willing to accept digital currencies as payment methods.”

Tesla does not accept the use of Dogecoin for electric cars, but one can technically buy an electric car with the largest meme coin. Tesla’s Cyberquad, a $1,900 quad bike designed for kids, can be purchased with a meme code.

In its FAQ section, Tesla highlighted that it does not accept other cryptocurrencies apart from Dogecoin. The release of Dogecoin Core version 1.14.5 has significantly reduced fees for all network participants.

Since its inception in 2014, Dogecoin has generated a return of approximately 45,000 percent to investors. However, it is trading 35 percent below its all-time peak.

After a push from Musk, Dogecoin briefly entered the top 10 digital coins by market capitalization. However, profit booking pushed the token to 11th place, behind Polkadot.

Data from Coinmarketcap suggested that both Dogecoin and Polkadot were in fierce competition with both coins commanding a market cap of just over $26.3 billion.

Total trading volume on Dogecoin increased by nearly 200 percent as the tokens crossed $4.39 billion in hands in the past 24 hours. There are 132.67B Doge tokens on offer.

“It is considered a serious investment choice by a lot of investors and has been backed by eminent personalities such as Elon Musk,” said Abhayanand Singh, co-founder and CEO of Vistas Media Capital.

“The high volatility observed in Dogecoin has made day traders benefit from investing in it,” Singh added. “The prank coin now looks very dangerous and has been ranked in the top 10 cryptocurrencies in many charts.”

Dogecoin is based on the popular internet meme “Doge” and features the logo of Shiba Inu, a Japanese breed dog. Dogecoin differs from Bitcoin’s Proof of Work protocol in several ways, one of which is the use of Scrypt technology. The electronic car giant got involved with Bitcoin payments in May 2021 but later dropped it due to environmental concerns. However, the Musk-helmed-led company holds the largest cryptocurrency on its balance sheet.

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