Dogecoin (DOGE) rallied today after Elon Musk said that Tesla “will make some merch buyable” with the meme coin. The surprising statement was published on Twitter by the CEO on Tuesday morning, causing a significant increase in the price of DOGE.
The statement that was made earlier today comes soon after comments from Musk during an interview with Time. In the interview, the outspoken CEO said that bitcoin (BTC) “at least at its base layer is maybe suitable as a store of value.” However, he went on to explain that it is “not a good substitute for transactional currency.”
Musk said, “Even though it was created as a silly joke, dogecoin is better suited for transactions.”
Musk’s comments have caused a 25% price spike so far for DOGE over the past 24 hours. The coin remains up by 16% for the week. The price is still down around 20% in a month.
In February Tesla added bitcoin to its balance sheet and said it would accept BTC as payment for its world-renowned cars.
After this Musk repeatedly criticised bitcoin for its energy-intensive mining, while at the same time praising dogecoin for being a better cryptocurrency. Causing many people to turn to the meme coin for their investments.
Later in the year, Musk said that Tesla would not accept Bitcoin for payments due to the fossil fuels that are produced by Bitcoin mining. This caused sentiment towards the CEO to reach its lowest point so far.
However, come June and comments from the Tesla chief again brought some hope to the bitcoin community. During this month he said that Tesla will resume accepting bitcoin transactions “when there’s confirmation of reasonable (~50%) clean energy usage by miners.”
Decentralized Social (DESO) also rallied sharply today following a listing announcement from Coinbase Pro that went live yesterday. As per the announcement, DESO will begin trading on Coinbase Pro today at 09:00 PT (17:00 UTC) “if liquidity conditions are met.”
For now, the token will only be available on Coinbase’s platform geared towards professional traders, and not on the more retail-oriented Coinbase.com. DESO is up 31% over the past week and 36% over the last 24 hours.
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