Elon Musk announced his plan to extend the payment option for his space exploration company, SpaceX just four months after electric vehicle manufacturer Tesla started accepting Dogecoin (DOGE) for merchandise purchases.
It has been reported that Musk has been a staunch supporter of the DOGE ecosystem since 2019 and has since publicly revealed interest in accepting memecoin payments across his multibillion-dollar enterprises. Historically, Musk’s pro-DOGE tweets have had an immediate and positive impact on DOGE’s market prices, as investors try to cash in on the hype.
However, the recent revelation about SpaceX’s plan to accept DOGE payments for merchandise had no significant effect on the price amid a bearish crypto market. Data fromTradingView shows that DOGE lost over 55% in value between May 8 and May 13, trading at $0.08077, as of May 29.
The report said that in December 2021, DOGE gained 25% after Musk confirmed that Tesla will accept DOGE for merchandise. Along with similar timelines, the entrepreneur revealed his belief about DOGE being a better everyday payment option as compared to Bitcoin (BTC).
Likewise, if things work out just as planned, Musk might eventually start allowing DOGE payments for Starlink subscriptions. Musk recently issued a public warning against an ongoing scam wherein attackers have been found to use deepfake technology to impersonate the entrepreneur and promote fabricated crypto-shilling videos.
Thus, originally shared on Twitter, the deepfake video of Musk promoted a cryptocurrency platform boasting 30% returns on crypto deposits.