Topline, a meme-based cryptocurrency known as dogecoin, saw a surge in value on Thursday after being endorsed by billionaire Elon Musk as a potential form of payment for Tesla cars in the future. This is just the latest in a string of endorsements from Musk as the overall crypto market experiences a rally and bitcoin reaches an all-time high.
Dogecoin has risen nearly 8% in the past 24 hours, reaching a value of $0.18 and making it one of the top ten most valuable cryptocurrencies with a market cap of $26.5 billion. This surge is a standout among other leading cryptocurrencies, which have seen slower or stagnant growth.
Musk’s support for dogecoin came during a visit to the Tesla Gigafactory in Germany, where he hinted that the company “should enable” dogecoin as a payment option for cars at some point in the future. He also mentioned that fans of the meme coin can already use it to purchase Tesla merchandise.
The billionaire explained his preference for dogecoin over other crypto tokens, stating that while “lots of rich people were supporting bitcoin,” the workers at his companies were asking him to support dogecoin. He added, “Doge is the people’s crypto, so I will support it.”
Musk has been a long-time enthusiast of dogecoin, even using the Shiba Inu meme that inspired the token to replace the iconic blue bird in Twitter’s logo. He also has a pet Shiba Inu named Floki, which has inspired another popular meme cryptocurrency of the same name. However, dogecoin is known for its volatility, and prices can change significantly in a short amount of time.
The overall cryptocurrency market is currently valued at $2.85 trillion, with bitcoin making up around half of that value. Bitcoin has reached a record high of over $72,000 in the past week, and other popular assets like ether, Solana’s sol, and Binance’s BNB have also seen significant growth.
According to Forbes, Musk is currently worth $191.8 billion, making him the third richest person in the world behind Amazon founder Jeff Bezos. Musk’s fortune comes from his various companies, including Tesla, SpaceX, The Boring Company, and Neuralink.
In related news, Musk recently made headlines for suing OpenAI and its CEO Sam Altman over a promise to make the company a non-profit. He has also warned people to “invest with caution” when it comes to dogecoin.
For more information on Musk and his recent comments on dogecoin, see the articles linked below.
