On Friday, Tesla CEO Elon Musk stated on Twitter that Spacex would soon accept the meme cryptocurrency Dogecoin for the purchase of items. This news provided a modest lift for the value of Dogecoin. The CEO of SpaceX tweeted that “Tesla gear can be purchased with DOGE, and shortly Spacex apparel will be available as well.”

In addition, Musk said that memberships to SpaceX’s Starlink might “one day” be paid for using dogecoin in the future. According to the information provided on their website, Starlink is able to deliver “High-speed, low-latency broadband internet in distant and rural regions around the world.”

The value of the meme cryptocurrency saw a significant increase when Elon Musk tweeted that SpaceX will begin accepting dogecoin. During the moment he sent out the tweet, the price of a single Dogecoin was $0.078399. Almost immediately, it increased by more than 8 percent, reaching $0.084927. However, most of the gains made by the meme currency were quickly reversed, and it is presently trading at $0.081469 USD.

In January, Tesla started taking dogecoin as payment for some items, but the electric vehicle business does not presently accept any other cryptocurrencies. The firm no longer takes bitcoin as payment for its goods because of their commitment to protecting the environment. Musk said in June of the previous year that Tesla would begin taking Bitcoin if miners could verify that they were using 50 percent renewable energy. On the other hand, he has not yet returned to the topic.

Dogecoin has long had Musk’s backing as an advocate. In the world of cryptocurrency, many refer to him as “the Dogefather.” The CEO of Tesla has admitted in the past that he had Bitcoin, Ether, and dogecoin in his possession. However, SpaceX only has bitcoin in its possession. In April, Tesla’s financial sheet included digital assets worth a total of $1.26 billion.

In May, the CEO of SpaceX said that dogecoin has the potential to become a currency, but bitcoin is more suited to functioning as a store of wealth.

The CEO of Tesla and SpaceX is now exploring the possibility of purchasing Twitter. But for the time being, the business transaction has been put on hold until further evidence is gathered to back up the figure that the percentage of users on the social networking platform who are spam and fraudulent accounts is fewer than 5%.

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