Time’s questionable choice of Person of the Year tweeted that Tesla will make some merchandise that can be purchased by dogecoin and “see how it goes.” And with that tweet, dogecoin shot up.
The world’s most popular meme cryptocurrency is up over 30% this morning as of the time of this writing, according to CoinMarketCap.
Dogecoin is currently sitting at around $0.215 per coin. That’s up from just above $0.15 per coin yesterday.
So why is dogecoin skyrocketing? Elon Musk. The answer is always Elon Musk.
Dogecoin Soars as Musk Says Tesla to Make Merchandise Buyable With the Currency
Prices of cryptocurrency Dogecoin were surging Tuesday after Tesla CEO Elon Musk said in a tweet that the electric-vehicle company would “make some merch buyable with Doge & see how it goes.”
Dogecoin was rising 25.5% to $0.208194 on Tuesday.
Musk was namedTime‘s 2021 “Person of the Year.” He told the magazine that even though Dogecoin was created as a “silly joke” it’s “better suited for transactions” than Bitcoin.
″[T]he transaction volume of Bitcoin is low, and the cost per transaction is high,” Musk added.
related :
TIME Person of the Year : Elon Musk
What is Dogecoin?
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.
How I Became An Overnight Dogecoin Millionaire
Elon Musk tweeted that Tesla would make merchandise that could be bought with dogecoin; Flagship meme stocks were extending Monday’s slide
Stock futures edged lower ahead of the Fed’s two-day policy meeting, which is expected to end with the central bank signaling a quicker road to tighter policy. Here’s what we’re watching in Tuesday’s trading:
Cryptocurrency dogecoin jumped 34% from its level on Monday at 5 p.m. ET after Tesla chief Elon Musk tweeted “Tesla will make some merch buyable with Doge & see how it goes.” Tesla shares were down 2.1% premarket.
Flagship names of the meme stock craze were extending losses premarket after closing down sharply on Monday. GameStop shed 3.7% premarket after closing down 14%. AMC Entertainment fell 5.9% ahead of the bell, building on Monday’s 15% drop.
Beyond Meat added 5% premarket. Piper Sandler lifted its rating and price target for the plant-based meat company’s stock.
MGM Resorts International edged down 0.5% premarket. The casino operator is selling the operations of the Mirage casino on the Las Vegas Strip to focus on growth areas.
Claros Mortgage Trust added 4.5% off hours. The commercial real estate finance company said it experienced a jump in origination activity during the third quarter.
Skillsoft and Hexo are among the companies reporting earnings Tuesday.
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Mark Zuckerberg’s Sister Randi Says Dogecoin Killer Shiba Inu Has Become Mainstream
In a recent video Randi Zuckerberg, the sister of Mark Zuckerberg, the CEO of Meta Platforms Inc
FB, pointed out the sudden flourishing of meme coins in the crypto market.
However, despite the rivalry between SHIB and DOGE, she believes that both have an opportunity to grow.