Dogecoin, the meme-inspired cryptocurrency, experienced a surge of 14% on March 13th after billionaire Elon Musk hinted at the possibility of Tesla accepting DOGE as a payment method for its electric vehicles. During a public address at a Tesla manufacturing plant in Berlin, Musk responded positively when asked about using Dogecoin to purchase Tesla cars in the near future, stating, “At some point, I think we should enable that. Dogecoin to the moon.”
Musk’s endorsement of Dogecoin stems from his connection with the working class. He revealed that he started advocating for DOGE after engaging with people on the production lines at his factories, saying, “DOGE is the people’s crypto, so I will support it.” While acknowledging that many wealthy individuals were supporting Bitcoin, Musk wanted to back the cryptocurrency that resonated with the working class.
The latest endorsement from Musk triggered an immediate reaction, with Dogecoin spiking from $0.166 to $0.189 during the Asian trading session on Thursday morning. This surge further adds to DOGE’s impressive 43% rally over the past two weeks, riding the coattails of Bitcoin’s recent all-time high. At the time of writing, Dogecoin was trading at $0.184, still down 75% from its all-time high of $0.731 in May 2021, but maintaining its position as the tenth-largest cryptocurrency by market capitalization with a substantial $26 billion valuation.
As the broader cryptocurrency market continues its bullish momentum, the meme coin frenzy has also been reignited. Tokens like Shiba Inu, PEPE, and BONK have experienced significant price surges, reflecting the ongoing interest and speculation surrounding these lighthearted digital assets. The total market capitalization of all meme coins has reached a staggering $65.5 billion, accounting for around 23% of the entire crypto market, according to CoinGecko.
