Elon Musk, the CEO of Tesla and SpaceX has set a new benchmark backing his support for meme-based Dogecoin. Musk has said SpaceX would soon start accepting DOGE payments for the sale of its merchandise. The development comes just four months after Musk’s electric vehicle (EV)-company, Tesla, also began accepting payments in the meme cryptocurrency last December. The tech mogul has been an avid supporter of Dogecoin, and has often said that DOGE would make for a better daily-payment alternative as opposed to other altcoins such as BTC or ETH.
Musk, 50, posted a tweet for his 95.7 million followers announcing SpaceX’s plans of selling merch from his space exploration company, in exchange for Dogecoins.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
Despite Musk’s constant support, DOGE lost over 55 percent in value between May 8 and May 13, data from TradingView shows.
Back in December, when Musk had revealed that select Tesla merch were available for sale in DOGE, the memecoin had rose in value by 25 percent.
This time however, Musk’s fresh announcement failed to add value to Dogecoin prices.
At the time of writing, Dogecoin was trading at $0.000012 (roughly Rs. 0.000950) after opening with minor gains of around three percent on Monday, May 30.
Replying to a comment on his tweet, Musk also hinted that DOGE payments could become a payment alternative for the subscription of Starlink, which claims to provide “high-speed broadband internet to locations where access has been unreliable or completely unavailable”.
After acquiring a 9.2 percent stake in Twitter this April, the multi-billionaire had revealed his plans of allowing DOGE to become a payment option for Twitter Blue services in the times to come.
Musk touted Dogecoin as “the people’s crypto” in the past, citing a survey that claimed nearly 33 percent of cryptocurrency owners in the US own DOGE assets.
“Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, has much higher potential than Bitcoin,” Musk had said in December 2021.