Just four months after electric car maker Tesla began accepting Dogecoin (DOGE) for purchases, Elon Musk announced his plans to expand payment options for his space exploration company SpaceX.
Musk, the CEO of SpaceX and Tesla, has been a staunch supporter of the DOGE ecosystem since 2019, and has since publicly expressed interest in accepting memecoin payments in his multibillion-dollar venture.
Tesla merchandise can be bought with Doge, SpaceX merchandise soon
— Elon Musk (@elonmusk) May 27, 2022
Historically, Musk’s pro-DOGE tweets have had a direct and positive impact on DOGE’s market price as investors try to cash in on the hype. However, recent news about SpaceX’s plans to accept payments for DOGE merchandise has not had a significant impact on prices in a bearish cryptocurrency market.
Additionally, data from Cointelegraph Markets Pro and TradingView shows that DOGE lost more than 55% of its value between May 8 and May 13, trading at $0.08077 at the time of writing.
In December 2021, DOGE rose 25% after Musk confirmed that Tesla would accept DOGE as a commodity. In addition to a similar timeline, the entrepreneur also revealed his belief that DOGE is a better everyday payment option than Bitcoin (BTC).
maybe one day
— Elon Musk (@elonmusk) May 27, 2022
If things go according to plan, Musk may eventually start allowing DOGE to pay for Starlink subscriptions.
RELATED: “Oops!” Elon Musk Warns Users Against Latest Deepfake Crypto Scam
Musk recently issued a public warning against an ongoing scam in which attackers were found using deepfake techniques to impersonate entrepreneurs and promote fabricated videos of encrypted shillings.
oops. Definitely not me.
— Elon Musk (@elonmusk) May 25, 2022
Musk’s deepfake video, originally shared on Twitter, advertises a cryptocurrency platform with a 30% return on crypto deposits.
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