Tesla and SpaceX founder Elon Musk stated that Tesla’s products can be purchased with the cryptocurrency Dogecoin (DOGE). Dogecoin saw a rise after Musk’s tweet.
Influencing the crypto money market with his posts on Twitter, Elon Musk was often the target of criticism arrows. This time, Musk shared the following tweet regarding the purchase of Tesla products with Dogecoin:
“Tesla will make some products available for purchase with Doge and see how it goes.”
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
What Does Elon Musk’s Dogecoin Tweet Mean?
So what does this message mean?
Huobi Global Research Manager Beste Naz Süllü comments as follows:
“While Elon Musk continues to sell his shares in Tesla, on the other hand, Tesla’s tweet that some products will start selling with Doge has caused activity in the crypto money market, which we have seen for about a month. As it will be remembered, Tesla stopped sales with Bitcoin on May 12. and the total market value of cryptocurrencies decreased by 50 percent in a week.
Emphasizing that Elon Musk is dragging the masses behind him in the crypto market, Süllü states that Tesla’s statement that he will accept crypto again may be a new rally news.
“We can say that the sale of Tesla with Doge has drawn attention to the crypto money market because it has brand value rather than new Doge purchases,” Süllü says.
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