Elon Musk’s SpaceX to Support Payments in Dogecoin (DOGE)

Back in January, CEO of Tesla Motors Elon Musk announced that the company would be accepting an open-source P2P digital currency Dogecoin for purchasing various merchandise. On top of that, on May 27, Musk shared his plans to introduce such cryptocurrency as a payment method for SpaceX.

SpaceX is a Californian-based space manufacturing and space transportation service provider that was launched in 2002 with the purpose of lowering space transportation costs in order to allow Mars settlement.

Musk has been a supporter of DOGE for almost 3 years and has openly shown interest in accepting payments in such cryptocurrency throughout his businesses that are worth billions of dollars.

Interestingly enough, all of Musk’s tweets related to Dogecoin have provided a beneficial influence on DOGE’s market pricing. For instance, last year, DOGE increased by 25% in value after Musk’s announcement that Tesla would accept DOGE as a payment method was released. On the other hand, in the midst of the crypto market’s significant fall, the recent disclosure of such a plan to integrate DOGE payments for SpaceX had no meaningful impact on the prices yet.

The CEO also shared that traders will eventually be able to pay for their Starlink subscriptions through Doge. Starlink is a satellite internet constellation run by SpaceX that provides Internet access to 32 countries.

As of now, Dogecoin’s price is up 5.79% and is estimated at $0.085 with a 24-hour trading volume of $480,527,680.

Earlier this month, Musk experienced a crypto scam where a video featuring his deep fake was posted on Twitter where he was allegedly promoting a fraudulent crypto project that offered 30% returns on crypto deposits.

by Gyth L. – Crypto Analyst, BitDegree