Elon Musk has revealed that his company, SpaceX, would soon begin to accept Dogecoin as a payment method for its merchandise, The Independent has reported.
“Tesla merch can be bought with Doge, soon SpaceX merch too,” Musk, who has dominated headlines over the last few weeks over his attempted purchase of Twitter.
The move is not entirely surprising given that the Tesla chief has shown unflinching support for the crypto industry, especially Dogecoin in the last year.
At different times, he has shilled the meme token to his followers on Twitter and has severally hinted about pushing the coin further ahead.
This has led to his tweets and mentions of the coin having a positive influence over its price performance. For context, his effect on Doge price can be seen in his latest tweet that Starling subscriptions could someday be paid using the meme token.
The revelation led to a brief 10% pump in the price of the token. An earlier mention of the coin led to a pump that lasted for just around 23 seconds.
The crypto community on Twitter believes that Elon Musk’s purchase of Twitter would further boost the industry, as it would help to further clamp down on crypto scams.
Dogecoin’s Price Performance
Despite Elon Musk’s positive effect on the price performance of Dogecoin, the meme token is one of the worst-hit crypto assets in the current bear market.
The meme coin has shed over 40% of its value within the last 30 days, a period that coincides with Terra’s ecosystem crash.
Within the last seven days, the asset has lost close to 10% of its value. However, it remains the dominant meme coin in the market with a market cap of over $10.5 billion.