Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll
- Months after introducing Bitcoin as payment for purchasing Tesla sedans, Elon Musk is now considering adding Dogecoin.
- The billionaire started a Twitter poll asking his followers whether or not Tesla should accept Dogecoin.
Musk Continues His DOGE Campaign
Musk asked his almost 54 million followers on Twitter if they wanted Tesla to accept Dogecoin. So far, the poll had received no less than 2 million votes, with the overwhelming majority replying “Yes.”
Musk has been one of the meme coin's most vocal and prominent supporters. He is known to have tweeted about Dogecoin severally and even once called it his favorite cryptocurrency. These tweets have helped to affect the price of Dogecoin over the months, making it rise exponentially.
The Tesla CEO's new move comes after his appearance on the last Saturday Night Live show, in which some comments about the coin triggered a downturn in the cryptocurrency's price.
The cryptocurrency had reportedly fallen by 35% after the show as it struggled to reach $0.47 against the dollar. By Sunday evening, it recovered slightly to reach $0.49, but that was still well below the $0.73 to $0.68 it hit before the weekend. Doge is still currently at $0.49, according to CoinMarketCap.
Dogecoin's price tumble led to over $280 million liquidations reported across different cryptocurrency exchanges, with Binance leading with the largest single liquidation order valued at $12.07 million.
Dogecoin was originally created as a joke in 2013 by founders Billy Markus and Jackson Palmer. It was solely based on the Doge meme, an image depicting a dog of the Shiba Inu breed, whose inner monologue is displayed in comic sans font.
Tesla's Interest May Push Other Companies To Accept Dogecoin
Over the past year, Dogecoin has risen in popularity and price. However, it has not been accepted widely by institutional investors, unlike Bitcoin, for example.
Musk's possible move of making Dogecoin a payment method for Tesla may encourage other institutional investors to warm up to the meme-based coin.
Tesla already accepts Bitcoin (BTC) as a payment method for its electric vehicles. The company made the announcement back in March while also stating its intentions to run a Bitcoin node. Tesla also holds Bitcoin in its portfolio after purchasing $1.5 billion worth of the asset in February.
Meanwhile, Dallas Mavericks owner Mark Cuban is also a known supporter of Dogecoin. The professional basketball team announced its acceptance of Dogecoin as payment for tickets, games, and team merchandise in March, making it the first merchant to do so.