Dogecoin skyrocketed more than 20%, thanks to its godfather Elon Musk. Tesla CEO and founder Elon Musk said his company will accept dogecoin as payment for some of its merchandise, including the Giga Texas belt buckle featuring the carmaker’s logo.
“Tesla will make some merch buyable with Doge & see how it goes,” Musk said in a tweet.
Here’s the tweet:
Elon Musk is known for supporting dogecoin, and in fact, he invested in it along with Ether and Bitcoin in October. He also said dogecoin is better for transactions than Bitcoin.
“Fundamentally, bitcoin is not a good substitute for transactional currency,” Musk told Time Magazine after being named Time’s 2021 Person of the Year. “Even though it was created as a silly joke, dogecoin is better suited for transactions.”
″[T]he transaction volume of bitcoin is low, and the cost per transaction is high,” he said. He also said that Bitcoin is more suitable as a store of value, and that’s why investors want to hold onto it and not sell it or use it for transactions.
“Dogecoin, on the other hand, encourages people to spend, rather than sort of hoard as a store of value,” he said.
Earlier this year, Musk said that he will launch “DOGE-1 Mission to Moon” in Q1, 2022. As a part of the mission, the company has partnered with Canada’s Geometric Energy Corporation to develop the satellite, and it will be flown on board a Falcon 9 rocket.
Dogecoin: A meme coin
Dogecoin was founded in 2013 by Billy Markus and Jackson Palmer as a joke featuring a Shiba Inu on its logo. The creators envisaged it as a fun, light-hearted digital currency that would have a greater appeal beyond Bitcoin, thanks to the dog meme.
The digital coin quickly gained an online community and grew over 141,000% since its inception in 2013.
At present, the market capital of Dogecoin is $23,788,696,808. Around 132.54B Dogecoin are in circulation. As of now, DOGE is valued at around $0.16.
Dogecoin has been used as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content.
How to buy Dogecoin?
If you want to get your hands on Dogecoin, you can currently buy in platforms like Binance, Huobi Global, CoinTiger, OKEx, Hotcoin Global, FTXand MXC.COM. Here’re the steps
- Install a trusted crypto exchange such as Binance, CoinTiger, or others. Before settling down with exchange, do extensive research.
- Create and set up an account to a stage where you can do transactions. To be on the safe side, enable 2 Factor authentication to make it secure.
- Upon account creation, add your bank details to the app. Then you can add money to the exchange.
- Once the money has been deposited into the exchange, you can use it to buy Dogecoin or any other cryptocurrency for that matter.
However, as investors, you need to exercise caution before investing in any cryptocurrency, and Dogecoin is no exception.
Disclaimer: This article is created for knowledge purposes. Any action you take based on this article is entirely at your own risk. Tech Funding News doesn’t take responsibility for any damage or loss.
