Tesla CEO Elon Musk has been making waves in the cryptocurrency space the past few days as the company has announced they will cease to accept Bitcoin payments for cars. Many of Musk's loyal followers were flabbergasted all day by the seemingly 180 degree change of direction by the billionaire CEO, and just to make things even more confusing, Elon tweeted this out just now.
Working with Doge devs to improve system transaction efficiency. Potentially promising.— Elon Musk (@elonmusk) May 13, 2021
Earlier in the day, Musk attempted to backtrack seemingly negative comments about Bitcoin and cryptocurrency mining, saying, "to be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal." This comes the day after posting on Twitter that "we are looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction." It appears Elon might have found a match with the people's cryptocurrency, Dogecoin. The cryptocurrency has rallied over 25% today on this news.
Dogecoin currently has a market capitalization fo $62 billion with over 129 billion coins in circulation, The cryptocurrency has had a wild couple of months, rallying and then selling off on Elon Musk's SNL appearance. Who knows what will come from this newly announced collaboration between Tesla and the Dogecoin devs? But this news is definitely being received positively by DOGE bulls.
Want to know more about Dogecoin? How about an informative story about the original DOGE Shiba Inu mascot? Did you miss SNL last weekend? Check out Elon Musk's cryptocurrency sketch here:
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj— Saturday Night Live - SNL (@nbcsnl) May 9, 2021
It seems pretty odd for a guy who called Dogecoin a hustle less than a week ago to now consider it a better alternative cryptocurrency payment method for his company than Bitcoin. There are definitely some structural differences between Bitcoin and DOGE, but maybe it's really Elon Musk who is the hustler. Shares of Tesla (TSLA) have been under pressure since the company angered the crypto bulls, and it's possible that this recent tweet is an attempt to stop the bleeding in a hurry. He is the Dogefather afterall, right?
What do you think of Dogecoin? Do you love it, hate it, or feel nothing about it? Let us know in the comments section. Much community engagement! Very wow!