Dogecoin got really close to the $1 mark last May when DOGE reached its $0.78 apex. But the last few months haven’t been near as kind for Dogecoin. The popular meme coin has since struggled to establish a powerful uptrend amidst a market-wide lull.
While DOGE is arguably a long way away from $1, will the forthcoming adoption by Elon Musk’s SpaceX breathe new life into the coin’s uptrend?
SpaceX To Start Accepting DOGE ‘Soon’ After Tesla, Says Elon Musk
The world’s richest man has previously lent support to the development and adoption of Dogecoin even as the token’s own creators ditched the project in 2015.
Tesla started accepting bitcoin payments for its electric cars in February 2021. This operation, though, was short-lived as concerns about bitcoin’s energy usage grew louder. But Elon Musk continued endorsing DOGE, indicating on several occasions that the meme coin was superior to bitcoin as a transactional currency due to its higher transaction throughput.
Dogecoin jumped more than 20% last December after Musk announced Tesla would make merch buyable with the cryptocurrency. The centibillionaire has now confirmed that his other company, SpaceX, will also start accepting DOGE as a means of payment for merch soon.
“Tesla merch can be bought with Doge, soon SpaceX merch too,” Musk said Friday. When queried whether subscriptions for Starlink could also be payable in Dogecoin, he replied: “Maybe one day”.
Will DOGE Get Back Its Old Glory?
Dogecoin’s price sits just above $0.08232 per coin as of publication time. The wider crypto market is currently up roughly 0.94% as it attempts to shake off the bears. Rival meme coin Shiba Inu has jumped 8.83% over the past 24 hours at a current price of $0.00001156. Musk has previously declared he holds none of the Dogecoin copycats.
DOGE recently stole the spotlight after the news of superfan Elon Musk striking a deal with Twitter. Some observers believe that Musk will make the canine-themed token a default asset for transactions on the social media platform once the acquisition is complete.
That said, Dogecoin might eventually rally sustainably over a prolonged period as its adoption picks up pace and stars align.