Popular meme cryptocurrency dogecoin experienced a surge on Thursday following a boost from Elon Musk, who hinted at the possibility of accepting it as payment for Tesla cars in the future. This endorsement from the billionaire comes at a time when the cryptocurrency market is witnessing a rally, with bitcoin reaching an all-time high.

Key Facts

Dogecoin has seen an almost 8% increase in the last 24 hours, reaching approximately $0.18. With a market capitalization of around $26.5 billion, this meme token, inspired by the Shiba Inu dog, ranks among the top ten most valuable cryptocurrencies. While other leading cryptocurrencies have shown minimal gains recently, the spike in dogecoin’s value stands out.

Elon Musk’s promotion of dogecoin occurred during his visit to the Tesla Gigafactory in Germany. When asked about the possibility of accepting dogecoin as a form of payment for Tesla cars, Musk expressed his support for the idea. He highlighted that fans of the meme coin can already use it to purchase Tesla merchandise.

Musk’s preference for dogecoin over other cryptocurrencies stems from his belief that it is the “people’s crypto.” He noted that while many wealthy individuals endorse bitcoin, the employees at his SpaceX and Tesla factories encouraged him to support dogecoin. This led Musk to back the meme-based cryptocurrency.

“Dogecoin to the moon,” Musk declared during his speech in Germany, receiving enthusiastic cheers from the audience. This phrase is commonly used in the crypto community to express optimism about a significant price increase.

Key Background

Elon Musk’s promotion of dogecoin marks a return to his active involvement in the cryptocurrency space. He has previously promoted the meme coin on various platforms and media appearances, leveraging his influence to boost its popularity. Dogecoin’s price is known for its volatility, with significant fluctuations occurring within short periods.

The total value of the cryptocurrency market currently stands at $2.85 trillion, with bitcoin comprising half of this value. The recent surge in bitcoin’s price, along with the growth of other assets like ether and Binance’s BNB, indicates a strong recovery in the market following a previous downturn.

Forbes Valuation

Forbes estimates Elon Musk’s net worth at $191.8 billion, primarily derived from his ownership in Tesla, SpaceX, The Boring Company, and Neuralink. Despite recent fluctuations in Tesla’s stock price, Musk remains one of the wealthiest individuals globally.

For more news and updates on cryptocurrencies and finance, explore Global Crypto News.

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