Only four months after electric vehicle manufacturer Tesla began accepting Dogecoin (DOGE) to purchase merchandise, Elon Musk announced his plan to extend a payment option for his space exploration company, SpaceX. .
Musk, the CEO of SpaceX and Tesla, has been a staunch supporter of the Dogecoin ecosystem since 2019, and has since publicly revealed his interest in accepting memecoin payments across his organizations. estimated at billions of dollars, according to the Coin Telegraph.
Historically, Musk's pro-Dogecoin tweets have had an immediate and positive impact on DOGE market prices, as investors try to cash in on the hype. However, the recent revelations about SpaceX's plan to accept Dogecoin payments for goods did not have a significant impact on the price amid a bearish crypto market.
Moreover, data from Coin Telegraph Markets Pro and Trading View shows that DOGE lost more than 55% of its value between May 8 and May 13, trading at 0 $, 08,077.
In December 2021, Dogecoin gained 25% after Musk confirmed that Tesla would accept DOGE for merchandise. Along with similar timelines, the entrepreneur revealed his belief that Dogecoin is a better daily payment option compared to Bitcoin (BTC).
If all goes as planned, Musk may eventually start allowing Dogecoin payments for Starlink subscriptions.
Musk recently issued a public warning against an ongoing scam in which attackers were found to be using deepfake technology to impersonate an entrepreneur and promote fake cryptocurrency videos.
