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Elon Musk continues to sing praises about his favorite cryptocurrency Dogecoin, it seems that history repeats itself again. Yesterday, Musk posted a tweet where he said that Tesla will accept Dogecoin as payment for branded goods and personalized merch from Tesla, and it will be seen there.
Everyone knows how sharp Musk's phrases can be and how shaky this or that cryptocurrency that Musk is talking about can become.
However, if the car giant really starts accepting dogecoin as payment first for clothes and goods, then dogecoin may soon be a real means of payment for cars and become the most popular means of payment.
Musk is increasingly moving away from bitcoin and believes that dogecoin is much more convenient and easy to use for the average citizen. Musk has previously stated that Tesla will be ready to accept bitcoin as payment when it becomes more environmentally friendly.
Dogecoin is much more eco-friendly than bitcoin and also runs on a proof-of-work algorithm. However, all the fabulous growth that dogecoin has seen here is connected precisely with the hype and the promo company of Musk. He himself owns Dogecoin in his portfolio.
After this tweet, altcoin grew by about 27% and is now trading at about 0.2 dollars. Musk is confident that Dogecoin will become the best means of payment for online purchases. Bitcoin is not a good means for making Internet payments, unlike altcoin.
Dogecoin is a more suitable cryptocurrency for making payments, and the total flow of transactions that can be made using Dogecoin is much higher than in the case of digital gold.
Bitcoin is an accumulative means and a hedge asset against inflation. If you want to keep your money, it is better to use bitcoin, and if you want to pay online for goods, then you should pay attention to Dogecoin.
However, Dogecoin is not suitable for saving, since the cryptocurrency is very prone to inflation. Another billionaire, Mark Cuban, also speaks very flatteringly about Dogecoin, calling cryptocurrency a real folk means for making payments.
Other enthusiasts are not so supportive of altcoin. For example, Ripple director Brad Garlinghouse believes that Dogecoin is very dependent on inflation and loses to other established cryptocurrencies due to its unlimited supply. Dogecoin's daily transactions amount to more than $970 million, and this year altcoin has become one of the most recognizable tokens on the market.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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