Elon Musk says SpaceX will soon accept Doge for merch, token surges 10%

Elon Musk, the tech mogul, tweeted that SpaceX, like Tesla, would soon begin accepting the popular memecoin Doge for merchandise, resulting in a nearly 10 per cent increase in the token's value.

Musk tweeted that Tesla merch can be bought using Dogecoin. He also added that SpaceX would follow suit in the near future. His tweet read,

Immediately following the tweet by the tech billionaire, the price of the meme crypto Dogecoin surged as much as 10 percent to over 9 cents, before settling to a 7.7 percent upside.

Elon Musk is an ardent supporter of Dogecoin and cryptocurrencies in general. He is also something of an influencer when it comes to the cryptocurrency ecosystem because his tweets often cause pumps and dumps in the values of cryptocurrency tokens. 

This is not the first time the cryptocurrency surged after Elon Musk’s tweet. Previously, the meme cryptocurrency Dogecoin’s value increased by as much as 33 per cent in December last year as a direct result of Elon Musk's tweet that the electronic car manufacturer Tesla merchandise would be available to purchase using Dogecoin.

The cryptocurrency Dogecoin was trading up 4.17 per cent at $0.08431, with a 24-hour volume of $421,396,351 as of 10:45 a.m. IST on Monday, data from CoinMarketCap showed.

What is Dogecoin?

Dogecoin (DOGE) is a popular cryptocurrency based on the famous internet meme "doge," and its logo features a Shiba Inu. Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia split the open-source digital currency from Litecoin in December 2013. Dogecoin's designers envisioned it as a meme cryptocurrency with broader appeal outside the core Bitcoin audience because it was based on a dog meme. Elon Musk, Tesla's CEO, has stated on numerous occasions that Dogecoin is his favourite cryptocurrency.

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