Dogecoin Soars After Unexpected Shoutout from Prominent Influencer

• The price of Dogecoin skyrocketed as Elon Musk openly supported the memecoin. 
• Musk called DOGE “people’s crypto.”
• He confirmed that Tesla will soon accept DOGE in the form of payments.

Dogecoin soared to new highs after Tesla and SpaceX chief executive Elon Musk, also known as the ‘Dogefather,’ confirmed in a press conference that his electric vehicle manufacturing company will enable payments in Dogecoin (DOGE) in the near future. 

According to the data from CoinMarketCap, as of 12:53  a.m. ET Thursday, DOGE is up 6.6% in the past hours, followed by a 20% surge in the past seven days. The price of the memecoin stands at $0.1781, with a 20.46% surge in trading volume. However, Dogecoin is still 75.24% away from its all-time high of $0.7376 witnessed on May 8, 2021. 

Musk spoke at the ‘We Are Giga’ event in Texas and supported Dogecoin in front of the attendees. He shouted “Dogecoin to the Moon” in front of a cheering crowd. “When can you buy a Tesla with Dogecoin?” an attendee asked the billionaire. 

“At some point, I think we should enable that.” Musk replied while adding:

A lot of people don’t know why I support Dogecoin. While I was walking around the factory in Tesla, a lot of regular guys said ‘Hey can you support DOGE’. Even at SpaceX, people working at factories, regular guys said ‘Please support DOGE

The billionaire also noted that a lot of billionaires support Bitcoin (BTC), but he will continue to support Dogecoin because “DOGE is people’s crypto.” 

As February ended, Dogecoin re-entered the top 10 cryptocurrencies by market capitalization as investors hoped for Musk to extend support for the memecoin. It is clear that the prayers of investors have been answered.