Tesla CEO Elon Musk announced on Twitter Tuesday that the American electric vehicle company would accept Dogecoin for merchandise.
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"Tesla will make some merch buyable with Doge & see how it goes," Musk Tweeted. Immediately, followers began jubilantly Tweeting in reply: "Dogecoin to the moon!" while Shiba Inu memecoin enthusiasts commented asking if Shiba Inu would be next.
During a recent interview, Musk reiterated his view on the popular memecoin: “Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk said. “Even though it was created as a silly joke, Dogecoin is better suited for transactions.”
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In the past, Musk has rattled crypto markets with Tweets about cryptocurrencies like Dogecoin and Bitcoin.
In March, Musk Tweeted that Bitcoin would be accepted for Tesla vehicles, only to backtrack and announce a suspension of the move due to Bitcoin's worrisome carbon footprint. The ensuing fallout was dramatic, with the price of Bitcoin tumbling around 15%.
In June, the Bitcoin's price rebounded, after Musk said that Tesla would accept the cryptocurrency when Bitcoin mining relied more heavily on clean energy.
In October, Musk told his followers that he had invested in Bitcoin and Ethereum.
As for his status as a crypto influencer, Musk has increasingly distanced himself from any sense of personal responsibility or accountability for his Tweets: “Markets move themselves all the time,” he told TIME, “based on nothing as far as I can tell. So the statements that I make, are they materially different from random movements of the stock that might happen anyway? I don’t think so.”