Those Who Own Dogecoin Will Have Profit, The Price Will Inflate Because Of Elon Musk's Tweet

The price of Dogecoin has increased again due to Elon Musk's tweet. (photo; doc. unsplash)

JAKARTA – The price of Dogecoin has suddenly ballooned recently. The positive movement of this top coin was again triggered by the statement of Tesla CEO, Elon Musk. In his tweet on Twitter, the richest man in the world from the US stated that he would accept Dogecoin as payment at Tesla outlets.

Tesla Inc said it would accept dogecoin, a meme-based cryptocurrency as payment for its merchandise such as its "Giga Texas" belts and mini-models of electric vehicles. This is directly mentioned by Elon Musk in his tweet.

The move, which saw Dogecoin price 14% higher, comes again a month after Musk said Tesla would test the digital token as a payment option.

Tesla merch buyable with Dogecoin

— Elon Musk (@elonmusk) January 14, 2022

Elon Musk, known to be an outspoken supporter of cryptocurrencies, has greatly influenced the prices of dogecoin and bitcoin in recent months. At one point he even said his company would accept bitcoins to buy his production cars before finally canceling the plan.

Tesla's merchandise, which also includes the recently launched "Cyberwhistle" and "Cyberquad for Kids," is a hit with fans, and usually sells out within hours of listing.

“Some have noted that stuff for the doge sells out faster than the dollar. This news is a good illustration of the continued penetration of crypto corporate culture,” said Alex Kuptsikevich, senior financial analyst at FxPro.

Musk's tweets about dogecoin, including when he called it the "people's crypto", have turned the once obscure digital currency, which started as a social media joke, into a speculator's dream. The token price jumps around 4,000% in 2021.

Tesla revealed last year that it had bought $1.5 billion worth of bitcoins, and Elon Musk also said he owns some bitcoins and dogecoins.

Tesla faces stiff competition as legacy automakers such as Ford Motor Co as well as start-ups including Rivian Automotive will launch their electric cars this year.

Tesla's much-anticipated Cybertruck will also start production in the first quarter of 2023, pushing back its plans to start production in late 2022, as reported by Reuters.