Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Elon Musk asks his Twitter followers if they want to pay for Tesla cars in Dogecoin. What’s next? Probably Tesla will put part of its balance sheet in Dogecoin, won’t they?
Elon Musk‘s love for Dogecoin (DOGE) seems to be touching new highs. A day after SpaceX announced accepting Dogecoin payments for its next space mission, Elon Musk teases his followers once again. On the microblogging site Twitter, Elon Musk asked his followers whether they want DOGE payments for Tesla Inc (NASDAQ: TSLA).
The world’s largest automobile giant already accepts Bitcoin (BTC) in payments against its car sales. Besides, Tesla has also invested part of its reserve cash in Bitcoin. Now, Tesla accepting DOGE will be a massive move for the meme-cryptocurrency.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
The meme-cryptocurrency has shot to massive fame in recent times. Last week, the Dogecoin (DOGE) market cap surged all the way to $95 billion making it the world’s fourth-largest cryptocurrency.
However, it has corrected 30% since then. But it seems that Musk’s tweet has reversed the tide towards the north once again. At press time, DOGE price is 2.21% up trading at $0.51 with a market cap of $66 billion.
Dogecoin has received solid backing from billionaire Elon Musk for a long time. Musk accelerated his support for DOGE in February once again after which it gathered enough steam for this rally. Dogecoin has been on an unprecedented rally this year! Some analysts are already giving a target of $1 for DOGE by the end of this year. Speaking about DOGE, Naeem Aslam, chief market analyst at Ava Trade said:
“It is still widely believed that the fourth-biggest coin by market cap still has the ability to touch the one dollar mark as there is massive support among retail traders who are betting their savings on this.”
Gemini Offering DOGE Holders 2.5% APY
On Sunday, May 9, crypto exchange Gemini announced that it will offer DOGE holders a 2.5% annual percentage yield (APY) through its Gemini Earn program. The announcement comes just within a week of the crypto exchange listing Dogecoin for trading.
“With our trading and custody support for DOGE, we are the only regulated exchange in the U.S. where you can trade and earn interest on DOGE in all 50 states,” said Gemini.
With the parabolic rise in the DOGE price, stories of Dogecoin millionaires have already started emerging. As per the report from eFinancialCareers, Aziz McMahon, a managing director and head of emerging market sales at Goldman Sachs in London resigned from the company after making millions of dollars with his Dogecoin investments.