Dogecoin surges after Elon Musk hints Tesla could accept the meme-coin as payment

elon musk dogecoin pumping stocks 4x3

Dogecoin spiked by as much as 20% on Tuesday after Elon Musk tweeted a poll asking if his followers want Tesla to accept the cryptocurrency as payment, hinting that this could be a payment method for the electric-vehicle maker.

The digital asset surged to 53 cents from a 24-hour low of 44 cents after his tweet got quick reactions. An overwhelming majority responded “Yes,” while about 20% showed disinclination. The poll received more than 500,000 votes within 20 minutes of him posting.

Screenshot 2021 05 11 at 09.58.03

Dogecoin had hit a record high on Friday, right before it tanked during Musk’s SNL hosting appearance. His character, financial expert Lloyd Ostertag, was asked whether the cryptocurrency was just a joke, to which he responded: “Yeah, it’s a hustle.”

It regained briefly Monday on news that Musk’s SpaceX will launch a dogecoin-funded moon mission in the first quarter of 2022.

Screenshot 2021 05 11 at 10.13.04

Musk’s heavy dogecoin endorsements in 2020 have led to a surge in the token’s price, propelling widespread retail investor adoption. A chart depicting its price increases corresponding to the billionaire’s tweets is shown below:

Screenshot 2021 05 11 at 09.51.51

Musk’s “fav cryptocurrency” is up more than 11,000% this year, while bitcoin is up 90%.

The self-proclaimed “Technoking” announced in March that Tesla would accept bitcoin as payment and it would not be converted to fiat currency.