2021-05-12 09:30:00

Elon Musk Attracts 4 Million Doge Army Avalanche As Wild Tesla Speculation Helps The Dogecoin Price To Suddenly Soar

Dogecoin, the tongue-in-cheek, meme-based cryptocurrency that’s exploded into the limelight this year, has again found support from Tesla

TSLA
billionaire Elon Musk.

The dogecoin price, up five-fold over the last month alone, has surged this year as speculators pour cash into dogecoin (as well as other, more serious cryptocurrencies).

After Musk created a Twitter poll asking people whether Tesla should begin accepting dogecoin as payment, 4 million people responded—with a landslide 80% calling on the company to support dogecoin and boosting the dogecoin price by 10%.

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“Do you want Tesla to accept doge,” Musk asked in a Twitter poll that attracted 3.9 million responses. Just over 78% voted yes and the cryptocurrency community largely cheered the suggestion.

“Of course,” bitcoin and cryptocurrency payment platform BitPay responded to Musk. “You should hold any doge you accept,” added Neeraj Agrawal of Washington D.C.-based cryptocurrency policy think tank Coin Center.

Earlier this year, Musk set the bitcoin market alight when he announced Tesla would hold bitcoin on its balance sheet and begin accepting the cryptocurrency as payment.

Musk created the dogecoin poll following his hotly-anticipated appearance on comedy sketch show Saturday Night Live at the weekend that failed to boost the dogecoin price as many had expected.

Dogecoin crashed 30% from its recent highs during the show before staging a slight recovery. Many dogecoin fans have taken to social media over recent months in an attempt to drum up support for the memecoin, hoping to push the price as high as $1 per dogecoin token—double its current 50 cents.

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The dogecoin price has rocketed from a mere fraction of a cent in January amid support from billionaires, YouTubers and rock stars.

Dogecoin, which was created in 2013 as a “joke,” has shot up the cryptocurrency rankings this year and is now the fourth most valuable digital token, behind only bitcoin, ethereum and BNB, a token issued by crypto exchange Binance. The dogecoin market capitalization, the combined value of the 129 billion dogecoin tokens in circulation, has climbed to around $65 billion.

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