Rally in Response to Tesla and Musk's Support for Dogecoin Payments

After Elon Musk suggested Tesla would “make some merch buyable” with the meme coin, Dogecoin (DOGE) soared in value.

After Tesla's CEO Elon Musk confirmed that his firm would sell merchandise using the meme coin, Dogecoin (DOGE) soared in value.

The unexpected declaration was tweeted by Elon Musk this morning, sending DOGE's price soaring.

The organization's post followed Musk's remarks during an interview with Time published yesterday, where the outspoken CEO said that bitcoin (BTC) at least at its base layer is probably suitable as a store of wealth. He stated, however, that it is not a good substitute for transactional currency.

The CEO commented that, “Even though it was created as a silly joke, dogecoin is better suited for transactions."

The comments have resulted in a more than 25% increase in the price of DOGE over the past 24 hours. The currency is currently valued at $0.2069, up by 16% for the week and down around 20 percent in a month.

In February, Tesla added bitcoin to its balance sheet, and the firm said it would take BTC as payment for its automobiles.

Following the event, a more tumultuous period ensued, with Musk repeatedly bashing bitcoin for being an energy-intensive miner while at the same time extolling dogecoin as a superior cryptocurrency.

When Tesla CEO Elon Musk claimed his firm would cease taking Bitcoin as payment for automobiles because of what he called a rapidly growing rate of fossil fuel usage in Bitcoin mining, sentiment toward him hit an all-time low.

When Elon Musk said in June that Tesla would resume bitcoin payments if proof of fair (50%) clean energy usage by miners is provided, many people within the cryptocurrency world breathed a sigh of relief.

DESO outperforms

Meanwhile, the lesser-known altcoin Decentralized Social (DESO) also gained a lot of ground today following a Coinbase Pro listing announcement yesterday. If sufficient liquidity is present, DESO will start trading on Coinbase Pro at 09:00 PT (17:00 UTC).

For now, the token will only be available on Coinbase's professional-oriented platform, rather than Coinbase.com, which is geared toward consumers.

At the time of this writing, DESO was up by 36% in the previous 24 hours and 31% in the previous seven days, priced at $130.

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