Elon Musk Says SpaceX Will Accept Dogecoin

29 May 2022

SpaceX, Elon Musk’s space exploration company, will soon accept Dogecoin as payment for merchandise, alongside Musk’s other company, Tesla.
“Tesla merch can be bought with Doge, soon SpaceX merch too,” tweeted the multi-billionaire on Friday. When asked whether subscriptions for Starlink, a satellite-based, broadband internet system, might be payable in DOGE, he responded, “Maybe one day.”
In expected fashion, Dogecoin’s price immediately shot up after the announcement. At 11:24 a.m. ET (three minutes before the tweet), the meme coin was trading at $0.078, according to CoinGecko. By 11:50 a.m., it had jumped to $0.084—about an 8% rise. The pump, though, was somewhat short-lived. The price of Dogecoin is now down to around $0.080. That's still good for an increase of just over 1% for the day for DOGE—while the rest of the crypto market is down considerably.
The CEO’s love of DOGE might be more than a meme. In an interview with TIME in January, Musk suggested that Dogecoin was superior to Bitcoin as a medium of exchange due to its higher transaction throughput.
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X,” he tweeted last May–in which case it beats Bitcoin “hands down.” In other words, Musk is advocating for increasing the blockchain’s storage space, so that more Dogecoin transactions can be processed at a time.

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