advertisement

Elon Musk, the CEO of Tesla Inc. today conducted a Twitter poll asking his 5o million-plus followers to vote on whether Tesla should accept Dogecoin as a form of payment. The Twitter poll could very well lead to Tesla adding Dogecoin payment for their very popular electric cars just a month after adding Bitcoin as a form of payment on their website for US customers.

advertisement

Do you want Tesla to accept Doge?

— Elon Musk (@elonmusk) May 11, 2021

Going by Musk’s reputation, the Twitter poll could lead to the addition of meme currency as a form of payment for the most valuable car company. While Musk has been a Doge promoter for quite some time now and even shilled it during his recent SNL appearance, many had called him out for shilling Doge to his millions of followers while Tesla bought Bitcoin.

Doge price also retraced by 40% post Musk’s SNL appearance leading to many new amateur investors losing a significant amount of money in hopes of Doge rising to $1, however, the price of the meme currency fell from ATH of $0.7346 to a new monthly low of $0.4214.

Will Doge Price Rise in Anticipation of Tesla Payment Option?

Dogecoin price has often surged based on Musk’s shill tweets and the anticipation of it being added as a payment option for the world’s most valuable car manufacturer could push its price to new ATHs based on previous trends. The rise of Doge from being a meme currency to become the 4th largest digital asset by market cap is evidence of Doge’s progress this bull season. However, many analysts have warned against the high volatility and infinite supply of Doge could put other cryptocurrencies under scrutiny.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.