Elon Musk Suggests Tesla Might Receive Dogecoin For Tesla Cars

On Tuesday morning, Tesla CEO and now crypto influencer, Elon Musk, began a poll on Twitter suggesting that the multi-billion dollar company might be interested in accepting Dogecoin as payments for its cutting edge cars. Or not.

Dogecoin to Follow in Bitcoin’s Footsteps?

Tuesday, May 11th, the Tesla CEO and SpaceX Founder, Elon Musk started a poll on Twitter, inquiring whether the public would be interested in buying Tesla cars with Dogecoins.

The post made at 4:03 UTC had more than 500,000 votes within half an hour, recording about 75%  majority support of purchases with DOGE. As at press time, Musk’s poll has racked up more than 2.5 million votes, with only less than a quarter of voters opposing Elon Musk’s proposition.

Musk’s poll comes six weeks after Tesla announced that it would be accepting Bitcoin payment for Tesla vehicles. If the poll’s results are to be taken seriously, then Dogecoin would be the  second cryptocurrency Tesla would be accepting as payment; definitely a worthy news for the record books.

Doge has been on the heels of major cryptocurrencies in the past months, and currently sits pretty well on Coinmarketcap’s table of the top four digital currencies in the world by market capitalization. A record Tesla approval of DOGE would be another win for the meme coin over other major cryptocurrencies. 

However, we are yet to see if there is anything more to it than a Twitter poll.

Will Tesla accept Doge as Payment?

Shortly after Elon Musk’s tweet regarding a possible Tesla approval of DOGE payment, Dogecoin rose in value from a previous close of about $0.46 to $0.52, after hitting depths of $0.41 on Saturday during Musk’s SNL appearance.

Will Tesla accept Doge as payment or is it the fun-loving CEO influencing the market once again? 

During Musk’s appearance on the Saturday Night Live, where he called Doge a “hustle”, the meme coin sunk to  $0.41 after having hit the $0.72 mark a day before. The Tesla CEO has a peculiar hold on the cryptocurrency market and Dogecoin in particular, and according to James Angel, associate professor at Georgetown University’s McDonough School of Business, Elon Musk knows that himself.

James Angel, who specializes in financial markets and cryptocurrency, commented on the Tesla CEO’s influence:

“I think he’s having a lot of fun … He can say anything he wants about dogecoin or cryptos fully aware that just him saying something moves the price.”

Elon Musk is not only one of the most prominent vocal supporters of DOGE, he is also one of its biggest influencers, if not the biggest.

Only the future will tell if Musk’s poll is a sign of even more mainstream approval for the “meme coin”, or a temporary adrenaline for Dogecoin’s current price.