Elon Musk Accepts Cryptocurrency Dogecoin Price Fluctuates
Rancakmedia.com – The price of Dogecoin fluctuated when Elon Musk announced that Tesla was now using cryptocurrency as payment. News of Tesla accepting Dogecoin as payment has sent the price of the cryptocurrency plummeting once again.
On January 14, Tesla CEO and billionaire Elon Musk revealed that Tesla clothing is now available to buy with Dogecoin.
After first indicating that Tesla would “see how it works,” on December 14, 2021, he went on to share the news with other Teslas.
Now, Dogecoin can be used to buy certain items, such as Cyberquad for Kids for 12,020 Doge, or about £1499.80, Giga Texas Belt Buckle (835 Doge, about £104.19) and Cyberwhistle (300 Doge, about £37 , 43 ).
Following Elon's Tweets Dogecoin Prices Fluctuate
But on Monday (Jan. 17), it wiped out about 6 percent of its gains. This is likely due to investors selling their shares for profit as they watch the coin grow.
What is Dogecoin and Why Dogecoin Prices Fluctuate
Dogecoin is a meme coin inspired by another joke coin. Shiba Inu coin released to honor the iconic 'doge' meme of the Japanese breed.
A cute alternative to Bitcoin, this open source money was designed by Billy Markus and Jackson Palmer in 2013.
Doge, unlike Bitcoin, does not impose a limit on the number of coins that can be mined. As a result, there is no limit to the amount that can be bought, sold or traded.
These days, the coin is mostly used to tip authors on Reddit or Twitter to reward them for great social media content.
It can be purchased via all exchanges crypto major companies, such as Robinhood, Binance and Kraken.
At the time of writing, Dogecoin's value was £0.12, up from £0.10 on January 10, but trailing the £0.16 jump after Musk's tweet about Tesla accepting it for certain things.
The price of Dogecoin has fluctuated from an all-time high of £.053 in May 2021, but the coin has still experienced an astounding 1,768.33 percent gain over the past year.
Given the recent support from Musk – whose support (or lack of support) has proven to make Dogecoin price fluctuate, even if only in the short term – Dogecoin may be on track to reach the desired $1 threshold.