Elon Musk Continues to Promote Dogecoin

On the morning of March 14, 2024, UTC time, the crypto community on social media platform X (formerly Twitter) circulated a short video in which Elon Musk mentioned Tesla’s intention to accept payments in Dogecoin.

Specifically, during a recent visit to Tesla’s Giga Berlin factory, the CEO of the electric car company announced to the crowd that there would come a day when people could buy Tesla cars with Dogecoin.

When can you buy a Tesla with Dogecoin? I think we should activate this payment method at some point.

If you can buy goods from Tesla with DOGE, it would be awesome.

Therefore, Dogecoin to the moon.

Elon Musk’s special fondness for the meme-era currency is well known among almost everyone in the crypto market.

The billionaire has even integrated Dogecoin as a payment method for some items, or even unexpectedly changed Twitter’s blue bird logo to the Shiba Inu dog, the symbol of Dogecoin, although quickly reverted.

However, it’s important to note that the billionaire isn’t always “trustworthy” and often makes unpredictable statements on social media. Musk has a significant influence on the price of Dogecoin, but after the FOMO frenzy subsides, the market often faces strong corrections.

Therefore, the community should avoid excessive FOMO with this “Elon Musk indicator,” especially in the current volatile market conditions.

Related: Tesla Accepts Dogecoin Payments For CyberTruck?

Chart of Dogecoin after Elon Musk’s statement

The price of Dogecoin surged significantly from around $0.170 USD to $0.194 USD within just 15 minutes after the widespread sharing of this video. However, afterward, strong red candlesticks began to appear. Currently, DOGE is fluctuating around $0.185 USD.

DOGE/USDT on TradingView at 07:20 AM on March 14, 2024.