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Elon Musk’s Support for DOGE

Tesla Inc. CEO Elon Musk has been a long-time supporter of DOGE, showing interest in the meme coin project as far back as 2019. In one of his initial social media posts, Musk mentioned that “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”

His consistent endorsement of DOGE over the years, including sharing memes about its adoption, eventually led to a significant surge in the token’s value, reaching an all-time high of nearly $0.74 in 2021. Benzinga has observed that Musk’s comments on DOGE often have a direct impact on the token’s price movements.

Musk’s Latest Comments and the Future of DOGE

During a visit to Tesla’s gigafactory in Berlin, Musk was asked about the possibility of purchasing Tesla vehicles with Dogecoin. He responded positively, indicating that it could be enabled in the future. He explained that his support for DOGE stemmed from interactions with people at Tesla and SpaceX who expressed their enthusiasm for the cryptocurrency.

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It’s worth noting that while Tesla briefly accepted Bitcoin as payment for its cars in 2021, the program was discontinued due to environmental concerns associated with Bitcoin mining. Since DOGE operates on a similar proof of work consensus mechanism as Bitcoin, environmental sustainability could be a potential obstacle to using DOGE for Tesla purchases.

Market Speculation and Potential Growth

Despite these considerations, Musk’s expressed support for DOGE led to a notable price increase, indicating positive market sentiment. If Tesla were to officially accept DOGE as payment, there is speculation that the token’s value could rise further, potentially reaching a $1 price target.

At a $1 valuation, DOGE would have a market capitalization of approximately $140 billion, positioning it as a significant player in the cryptocurrency market alongside Ethereum and Bitcoin.

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