With the cryptocurrency market in turmoil of late, one shattering statement follows another. This week, it’s Elon Musk who’s considering the idea of opening up Tesla vehicle purchases to Dogecoin (DOGE). Could this be the return to favor of memecoin for the billionaire ?

 

Elon Musk talks about Tesla’s Dogecoin purchases

Elon Musk talked about his favorite cryptocurrency, Dogecoin, during a tour of the Berlin “gigafactory”. He was taking questions from the audience when asked if Tesla vehicles could soon be purchased with DOGE. And his answer was unequivocal :

“At some point, I think we should allow it.”

As a reminder, Tesla had already chosen to offer the purchase of certain items from its DOGE store. But this did not concern the brand’s vehicles. Elon Musk also reiterated his support for cryptocurrency:

“Dogecoin to the moon. DOGE is the people’s currency, so I’m going to back it.”

According to biographer Walter Isaacson, the billionaire discreetly supported the development of Dogecoin financially. In any case, Elon Musk’s support for memecoin is now legendary: when he bought Twitter, he even went so far as to temporarily change the site’s logo.

The return of the “Elon effect”

Elon Musk has also become known for the effect of his statements on the price of Dogecoin over the years. And this latest outing is no exception, as the DOGE price jumped immediately afterwards:

In the space of 2.5 hours, the price of Dogecoin jumped 16%, to approach the psychological threshold of $0.20. Dogecoin’s capitalization has risen accordingly, reaching $26.6 billion this morning. This consolidates the cryptocurrency’s position as the most highly capitalized memecoin of the moment.

So it’s the classic bull run story. Elon Musk talks Dogecoin, the crypto takes off. Will this open support be followed by action, and will we soon actually be able to buy a Tesla in DOGE ? That remains to be seen.

Source : Sir Doge Of The Coin via X