Elon Musk: Buying Tesla with DOGE ‘Possible at Some Point’

  • Elon Musk, regarded by some as the godfather of DOGE, has broken his silence on the meme coin for the first time in a while.
  • Speaking at a Tesla event, Musk promised that purchasing an electric vehicle with Dogecoin might not just be a pipe dream.
  • In response to the news, Dogecoin climbed 12% in a matter of hours, before settling a few cents lower.
  • Meanwhile, meme coins continue to run as PEPE enjoyed similar gains over the past day.

In more recent times, whenever Elon Musk opens his mouth he ends up saying something polarising. But this time, he’s come out and said something everyone can agree on.

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That’s right, the Godfather of Dogecoin is once again speaking about the crypto community’s favourite fluffy pup. And investors couldn’t be happier.

Dogecoin Jumps 12% In Less Than Three Hours

It’s become somewhat of a meme itself now – whenever Elon Musk says literally anything about crypto, the Dogecoin market shifts into gear. Tesla accepts Bitcoin as a payment for its electric vehicles? DOGE pumps. Tesla stops accepting Bitcoin as payment for its electric vehicles? DOGE dumps. 


However this time, the undisputed spiritual leader of Dogecoin spoke directly to his disciples at a Tesla event earlier this week. Musk insinuated that at some point down the line, people buying electric vehicles with DOGE “should be possible”.

He followed this statement up with four simple words that sent the crowd into a frenzy:

Dogecoin to the moon.

Elon Musk

Amid strong market conditions, Dogecoin holders took this as a signal to buy and rushed to add more DOGE to their wallets. Once the video started circulating on Twitter, the deed was done. DOGE had increased by about 12% in just a couple of hours, peaking at USD $0.19 (AUD $0.29).

Dogecoin (DOGE), daily graph, source: CoinMarketCap

But as the saying goes, what goes up must come (slightly) down. The market rather quickly grew tired of dogs and switched its attention to frogs, as PEPE climbed 12% in the past 24 hours. 

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Nevertheless, Dogecoin still enjoyed a predictable pump from Elon’s public endorsement and is up 5% overnight. If (or perhaps, when) Tesla does start accepting DOGE as a payment method, we have two questions:

  • Who will be the first to drop 10 million DOGE on a luxury EV?
  • Just how high will Dogecoin climb?

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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