Elon Musk, the world’s richest man and Tesla’s CEO, sent shockwaves through the crypto industry with a stunning announcement regarding Dogecoin (DOGE). Musk noted that he is exploring the possibility of adding DOGE as a payment method to purchase Tesla cars.
Elon Musk To Introduce Dogecoin Payments For Tesla
Elon Musk recently visited the German Tesla factory near Berlin due to a suspected arson attack and mentioned Dogecoin during his speech on the stage. He underscored the significance of launching DOGE as a payment method for Tesla and noted that it will be possible at some point. Moreover, he expressed optimism on the meme coin’s future and ecstatically remarked, “Dogecoin to the moon.”
If the announcement becomes true, it would mark a massive milestone for the DOGE crypto, which is currently vulnerable due to its rival Shiba Inu (SHIB). Meanwhile, Musk reiterated that DOGE can be used as a mode to acquire Tesla merchandise currently. Furthermore, Musk spotlighted his unwavering support for the doge-themed crypto and highlighted why he endorsed Dogecoin in the past.
Musk revealed that while working in the Tesla and Space X plants, several people asked him to support Dogecoin. Eventually, Musk agreed that DOGE is the “people’s crypto” and decided to back the King of meme coins. Moreover, he also highlighted that loads of “rich people” were supporting Bitcoin (BTC) but he chose DOGE owing to the request made by the general people. In addition, Musk spread optimism declaring, “DOGE is for you.”
DOGE Vs SHIB Competition Intensifies
Shiba Inu has seen a surge in demand, overtaking Dogecoin in terms of the weekly trade volume. Despite Dogecoin’s status as the market leader in the meme coin space, Shiba Inu outshined DOGE’s trading volume last week. SHIB recorded an impressive $31 billion in trading volume last week.
Hence, Shiba Inu managed to outpace DOGE, which saw $23 billion in volume, according to Kaiko data. This marks a significant milestone for Shiba Inu, demonstrating its growing popularity among traders. Furthermore, the meme coin market as a whole experienced a remarkable increase in trading volume, reaching a staggering $80 billion.
In addition to DOGE and SHIB, other contributors to this surge include Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK). Notably, all of these popular meme coins witnessed substantial gains the previous week, further boosting trade volume.
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