- Elon Musk suggested that Dogecoin (DOGE) can be used to buy a Tesla “at some point.”
- The billionaire entrepreneur referred to the coin as “the people’s crypto” and said “Dogecoin to the moon.”
- The comments of Musk immediately pumped DOGE price by over 18%.
The Soaring Price of Dogecoin
The recent bull run caused by the massive institutional adoption of Bitcoin (BTC) on its way to its 4th halving has also pumped altcoins along the way. One of the coins benefitting the new all-time highs of the prime cryptocurrency is the community’s beloved meme coin, Dogecoin.
In just a month, Dogecoin surged over 120% as Bitcoin cruised its way to new heights. Besides the positive sentiment in the crypto market driven by the progress of Bitcoin, DOGE remains one of the favorites in its niche—being the OG meme coin, dog-themed coin, and all.
With the rallying prices of DOGE as of late, everyone has been on close watch for any comment or reference by Musk, which could further boost its values. And just when altcoins have appeared to be moving in tandem for a consolidation already, here comes the much-anticipated statement from “The Dogefather.”
Elon Musk’s Recent DOGE Statement
During an event at Tesla’s Gigafactory in Berlin, a member of the audience popped the question about the possibility of Tesla accepting DOGE as payment for its cars. Musk answered that the company will enable that “at some point.”
Although there was no timeline set for Musk’s promise, he reminded the people in attendance that his electric vehicle (EV) company allows the purchase of certain merchandise with DOGE. As a side note, the automaker introduced that option in January 2022.
Along the way, he referred to it as “the people’s crypto” and rallied the crowd with the statement, “Dogecoin to the moon.” And just like that, DOGE launched from a 24-hour low of around $0.16 to nearly $0.19 high with about 18% gain in the 24-hour chart.
As of 9:30 AM UTC, the crypto asset remains within the $0.18 mark while its trading volume jumped more than 58% as $3.96 billion worth of DOGE moved between addresses. Meanwhile, the market cap of the digital asset for its 143.46 billion coins in circulation sits at $26.71 billion.
Whatever Happened to XPayments?
Dogecoin has one more ace in its sleeve in the form of the mysterious XPayments. The platform hints at a payment portal aligning with Musk’s vision to turn X into an “everything app.”
So far, its social media account has remained silent after its introduction in January. However, the rumor mill has it that it will support crypto payments, including DOGE. Should this come to fruition, Dogecoin may be in for another ride up.