Dogecoin in focus as Elon Musk asks whether Tesla should accept it
|Toronto Star 11 May 2021 at 14:24|
Dogecoin reverses earlier gains after Elon Musk asks his 53.9 million followers in a tweet whether Tesla should accept the cryptocurrency as a form of payment.
Dogecoin jumped for a second day on Tuesday and then quickly receded after billionaire Tesla (TSLA) co-founder Elon Musk asked his 53.9 million Twitter followers whether Tesla should accept the cryptocurrency originally meant as a joke as a form of payment.
Musk, who’s been a vocal supporter of the Shiba Inu-themed token, posted a survey on Twitter asking, “Do you want Tesla to accept Doge?” At last check, the survey had 1.36 million respondents, with almost 80 per cent voting yes.
The token jumped from around 46 cents to as high as 54 cents after Musk’s tweet, according to Coinmarketcap.com. At last check, it was down 2.78 per cent at 49 cents.
Dogecoin slumped over the weekend after the Musk jokingly called the cryptocurrency a “hustle” during one of his skits on “Saturday Night Live.” It recovered its losses and then some on Monday amid renewed optimism that it could be used as a method of payment.
Calgary-based Geometric Energy on Monday said it had paid Musk’s SpaceX in Dogecoin to launch a minisatellite as part of a Moon voyage SpaceX is planning in 2022.
While Dogecoin continues to be viewed as a joke, serious cryptocurrency investors who’ve bet on ethereum continue to laugh all the way to the bank. The price of ether, the digital token on the ethereum blockchain, breached $4,000 (U.S.) on Monday, a new record high.
The digital token gave back some of those gains on Tuesday. At last check it was down 1.28 per cent at $4,048.38, according to Coinmarketcap. Ether now has a total market value of $476.3 billion, just under half of bitcoin’s $1.1 trillion market value.