Elon Musk has announced that he is exploring ways to integrate Dogecoin as a payment method for buying Tesla cars. $DOGE
The world’s richest man and Tesla CEO Elon Musk has shocked the entire crypto industry with a shocking announcement regarding Dogecoin (DOGE). Musk noted that he is exploring the possibility of adding DOGE as a payment method for purchasing Tesla vehicles.
Elon Musk, who recently visited the Tesla factory in Germany near Berlin amid suspicions of an arson attack, mentioned Dogecoin during his on-stage speech. He stressed the importance of launching DOGE as a payment method for Tesla, noting that it would be possible at some point. Additionally, he expressed optimism about the future of meme coins, ecstatically saying: “Dogecoin went to the moon.”
If the news comes true, it would mark a major milestone for the DOGE cryptocurrency, which is currently vulnerable due to the influence of its rival Shiba Inu (SHIB). At the same time, Musk reiterated that DOGE can currently be used as a way to purchase Tesla merchandise. Additionally, Musk emphasized his strong support for the Dogecoin-themed cryptocurrency and highlighted the reasons why he has supported Dogecoin in the past.
Musk revealed that while working at the Tesla and Space X factories, several people asked him to support Dogecoin. Ultimately, Musk agreed that DOGE was the “people’s cryptocurrency” and decided to back the king of memecoins. Additionally, he emphasized that a large number of “rich people” were supporting Bitcoin (BTC), but he chose DOGE due to demands from ordinary people. Additionally, Musk optimistically declared: “DOGE is for you.”
Competition between DOGE and SHIB intensifies
Demand for Shiba Inu surged, with weekly trading volume surpassing Dogecoin. Although Dogecoin is the market leader in the memecoin space, Shiba Inu surpassed Dogecoin in trading volume last week. SHIB's trading volume reached an impressive $31 billion last week.
As a result, Shiba Inu managed to surpass DOGE, which had a trading volume of $23 billion, according to Kaiko data. This is an important milestone for the Shiba Inu and shows its growing popularity among traders. Furthermore, the trading volume of the entire meme coin market has increased significantly, reaching a staggering $80 billion.
In addition to DOGE and SHIB, other factors driving this surge include Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK). Notably, all of these popular meme coins have seen significant gains over the last week, further increasing trading volumes.
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