Dogecoin rallies following Elon Musk SpaceX tweet

Dogecoin surged after Elon Musk’s announced that SpaceX will begin accepting DOGE as a form of payment.

LAGOS (CoinChapter.com) — Popular meme cryptocurrency, Dogecoin, rallied by more than 4% on Monday to trade at $0.085151 after its recent decline.

Dogecoin surged after Elon Musk’s announced that his space-focused company, SpaceX, will begin accepting DOGE as a form of payment. Shortly after the tweet, the meme token rallied by almost 10% to trade at nearly nine cents.

The tweet which raised the value of DOGE also catapulted the meme token once again into the top 10 cryptocurrencies by market cap. However, the surge was not particularly long-lasting as the token has since dropped in value to trade at $0.085904.

DOGE/USDT daily price chart. Source: TradingView

Data from TradingView disclosed that the brief surge pushed DOGE price to an 11-day high. Dogecoin at press time has a market cap of $11.3 billion with a 24-hour trading volume of around $450 million. Notably, despite the surge, the meme token is also trading more than 80% below its all-time high trained in May last year.

Elon Musk Effect On Dogecoin

It is worth noting that the Tesla and SpaceX CEO has always had an interesting effect on Dogecoin. Hence, Elon Musk’s tweet that SpaceX merch will soon be available to purchase using DOGE boosted the token value.

Notably, Tesla’s CEO also disclose that SpaceX’s Starlink memberships could soon be paid for with Dogecoin. Starlink is a satellite-based broadband internet system that provides high-speed, low-latency broadband internet in remote and rural areas globally.

Musk also sent the leading meme token skyrocketing after he announced plans to acquire Twitter. In December, his statement that Tesla items could be purchased with DOGE caused a 32 percent increase in DOGE prices.

Additionally, Dogecoin might eventually rally sustainably over a prolonged period as its adoption picks up pace and stars align.

‘This Is Huge For Crypto’, says Floki Inu

Meanwhile, the cryptocurrency community has reacted to SpaceX’s plans to adopt Dogecoin as a means of payment. Floki Inu another meme token through its official Twitter handle expressed delight with the news.

“This is HUGE news for #crypto! Its big news for $doge. Its big news for $floki, too! Massive adoption like this means only one thing: crypto is here to stay. #Floki will keep building and working hard to continue to be a part of this revolution that is here!”
Floki Inu said.

Another Twitter user lauded Elon Musk for the new initiative. The individual noted that the Tesla CEO steadily brings utility to Dogecoin, unlike its own community.

“Dogecoin is slow and expensive compared to bitcoin on lightning. Why choose inferior payment technology?”
Another user queried.

Generally, several other people predicted that the meme token will surge because Musk will soon integrate it onto Twitter. Also, others speculate that if Tesla began accepting DOGE as a form of payment the token will increase.