Dogecoin price spiked again because of Elon Musk

At 22:27 on May 27 (Vietnam time), Elon Musk said on Twitter that his company will accept payment for goods using the famous meme digital currency, Dogecoin (DOGE). At the same time, he revealed that users can buy SpaceX goods with this currency in the future.

Elon Musk’s post about Dogecoin quickly attracted tens of thousands of interactions.

“Can buy Tesla products with Dogecoin, soon SpaceX goods too,” Elon Musk wrote on Twitter.

Dogecoin price bounced up right after the billionaire’s tweet. According to data from CoinMarketCapthe price of the famous memecoin rose from the 0.078 USD. By 22:34 on the same day (Vietnam time), Dogecoin reached the milestone 0.085 USDwhich equates to an increase of about 15% in just 7 minutes.

The 24-hour trading volume of this digital currency increased by more than 75%, fluctuating around the . mark 1.06 billion USD. Currently, Dogecoin is ranked 10th on the ranking of the largest projects in the market with a market capitalization of over 10 million USD. 11 billion USD.

Dogecoin price is trading around 0.082 USD at 23:55 on the same day (Vietnam time).

After the tweet, the Twitter user named @Occupmars42059 questioned Elon Musk whether users can subscribe to Starlink satellite Internet service with DOGE coin. Responding to the above question, the US billionaire said he will provide payment for this service in Dogecoin in the future.

Dogecoin price bounced rapidly after the billionaire’s tweet.

Previously, the Tesla CEO was one of the supporters of Dogecoin. He repeatedly mentioned this digital currency on his personal Twitter, causing the DOGE price to rise.

On January 14, Tesla CEO’s tweet about Dogecoin quickly reached the top trending on the social networking platform Twitter. With just a short sentence, the value of this memecoin at times increased sharply by 26%.

“Tesla products can be purchased with Dogecoin,” Musk wrote on his personal page on January 14.

However, the sudden increase in the price of Dogecoin was probably in the calculations of many crypto investors. According to Coindesk author Edward Oosterbaan, the “Elon effect” impact on the cryptocurrency market, specifically the price of Dogecoin, has made many people feel bored and want to stay away from this memecoin.

In May 2021, Tesla refused to pay in Bitcoin and Elon Musk continuously manipulated the market causing the Bitcoin price to plummet. Many investors are angry, creating a new cryptocurrency to oppose Elon Musk. STOPELON was born as a movement to call on this billionaire to stop manipulating the cryptocurrency market.

According to InputMag, Elon Musk has already made a lot of profit following the cryptocurrency craze in 2021. However, investors think that the market volatility created by Musk will soon come to an end.