Elon Musk has announced that he is exploring ways to integrate Dogecoin as a mode of payment for Tesla cars.
Elon Musk, the world’s richest man and CEO of Tesla, caused a stir in the cryptocurrency industry with a sensational announcement regarding Dogecoin (DOGE). Musk noted that he is exploring the possibility of incorporating Dogecoin as a method of payment for purchasing Tesla cars.
Elon Musk to familiarize Dogecoin holders with Tesla.
Elon Musk recently visited the German Tesla factory near Berlin, which was hit by a devastating fire, and mentioned Dogecoin during his speech on stage.
He emphasized the importance of starting to use Dogecoin as a means of payment for Tesla cars and stated that it could happen at any time. Furthermore, he expressed hope for the future of the meme coin and enthusiastically exclaimed, “To the moon, Dogecoin!”
If this announcement materializes, it will prove to be a significant milestone for Dogecoin in the crypto world, which is currently weak due to its rival Shiba Inu (SHIB).
Additionally, Musk revealed that Dogecoin could be utilized as a mode of payment for Tesla’s commercial goods. Furthermore, Musk shed light on his previous support for Dogecoin and why he favored it over other coins.
Musk revealed that while working at Tesla and SpaceX, many people urged him to support Dogecoin. Eventually, he agreed that Dogecoin is the “people’s crypto” and decided to support the king of coins. Furthermore, he highlighted that many “wealthy individuals” are supporting Bitcoin (BTC), but he chose Dogecoin based on the common people’s request. Additionally, while announcing this, Musk spread optimism, saying, “Doge is for you.”
Dogecoin vs. Shiba: a rapid comparison
In terms of weekly trading volume, Shiba Inu has seen an increase in demand, leaving Dogecoin behind. Despite Dogecoin’s status as a market leader in the meme coin space, Shiba Inu surpassed Dogecoin’s weekly trading volume last week. Shib recorded a staggering $31 billion in trading volume last week.
Therefore, Shiba Inu succeeded in surpassing Dogecoin, which had a volume of $23 billion, according to data. This is a significant milestone for Shiba Inu, which reflects its growing popularity among traders.
Furthermore, the overall cryptocurrency market experienced an unusual increase in trading volume, reaching a staggering $80 billion.
In addition to Dogecoin and Shiba, this increase included other participants such as Pepe Coin (PEPE), Dogwifhat (WIF), and Bonk (BONK). It is noteworthy that all these popular meme coins experienced an increase in trading volume last week, resulting in further growth in trading volume.
