Elon Musk Trying to Spur Dogecoin Growth Again

Dogecoin is climbing once more thanks to comments by Elon Musk regarding possibly accepting Dogecoins to pay for Tesla vehicles.

Timothy St. John•Thursday, March 14, 2024•2 min read

Tesla’s CEO Elon Musk is stirring things up for Dogecoin investors again, hinting that the cryptocurrency could be used for purchasing his company’s electric cars.

Dogecoin (DOGE/USD) Could Fall Back to 0.20, after Failing to Break Past 0.26

The news tidbit has caused Dogecoin’s price to shoot up, with the token gaining an impressive 8.9% on the news. Now, Dogecoin’s price is at $0.1874 (DOGE/USD). As the token nears the $2 mark, public interest is growing, and trade volume has increased by 86% since Wednesday.

Elon Musk has been promoting Dogecoin since 2021, and his supportive comments back then helped solidify the memecoin as a real contender on the crypto marketplace. Dogecoin is even accepted as payment for many Tesla products, but not yet for cars.

At a recent session at the Tesla Berlin Gigafactory, an audience member asked Musk if Dogecoin will ever be accepted as a form of payment for Tesla cars. Musk responded by saying, “At some point I think we should enable that.” It was that comment that caused the Dogecoin price to spike.

There was no official word at the time as to whether Dogecoin will be accepted as a viable payment for any Tesla vehicles in the future. It was discovered that a payment option for Dogecoin was found in the sales page for the upcoming Tesla CyberTruck.

Elon Musk released a statement on Thursday saying that Dogecoin would be enabled for Tesla vehicle sales at some time in the future.

Dogecoin Price Prediction

Dogecoin has been extremely bullish for the past couple of weeks. The coin skyrocketed in value in late February and has retained much of those gains. It climbed from $0.0846 to $0.1828 very quickly in late February and is still at the $0.1800 level. That 80% gain has helped keep Dogecoin trading furiously, and yesterday’s comments about accepting Dogecoin for tesla vehicle purchases has spurred even mor interest.

Dogecoin is very likely to move past $2 in the next day or two and could keep those gains as its credibility improves thanks to Musk’s efforts.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.