Musk Milk Doge soared by 40%! Tweet: Dogecoin will be opened to buy some Tesla products

Tesla founder Elon Musk suddenly announced on Twitter at 6:30 p.m. on December 14th, Beijing time, that Tesla would open the use of Dogecoin (DOGE) to purchase certain products. It rose by 39% within an hour, but Musk did not elaborate on what products DOGE can buy.

No warning announced that DOGE would run away 39%

Musk said in a tweet: Tesla will make some products available for purchase through DOGE, and then observe how the situation develops.

Almost at the same time as Musk’s post, the price of DOGE exploded. Within an hour, it paid a 38% increase from the low point of $0.1588, soaring all the way to the highest point of $0.2204. Afterwards, although the strength weakened, the currency price It fell, but successfully stabilized at around US$0.18 and closed at US$0.187 before the deadline. This price level has successfully recovered the price of the crash since the beginning of December.

Musk did not mention which Tesla products DOGE can buy. According to the information on Tesla’s official website, its product prices range from $50 to $1,900 (including the whistle for Apple). In the end, who can DOGE bring back? Home, the currency circle will keep track of you.

Musk's tweets also bring hope to many DOGE holders. For example, the netizen Crypto Rand left a sketch, indicating that DOGE buyers are waiting for Musk to send a tweet every day to increase the price of the currency.

I just praised DOGE and denied the troubles of Twitter

When Musk was named 2021 Man of the Year by Time Magazine on December 13, he just expressed his support for DOGE. He pointed out that although BTC is a very typical new trading system, its transaction volume is low and the cost of each transaction is too high. Therefore, DOGE is more suitable as a currency in circulation: maybe it (DOGE) was born from stupid jokes, but DOGE is more suitable for trading. The volume of transactions that can be achieved by DOGE is almost the same as that of contemporary ones, and the potential is higher than that of BTC.

Musk said at the time that although DOGE also has inflation problems, the inflation of the currency is a fixed value, which means that over time, DOGE's inflation is substantially reduced, which can encourage people to use it for consumption.

Musk also denies that his posts are adding chaos to the market: the market is always changing, and I can't clearly explain the reasons behind it. My remarks are of the same nature. Are they any different from stock fluctuations that may occur at any time? I do not think so.

However, as to whether cryptocurrency will eventually replace fiat currency, Musk has reservations, saying that he does not hate fiat currency like many people in the cryptocurrency world.