Dogecoin (DOGE) Briefly Pumps After Elon Musk Says SpaceX Will Accept the Memecoin for Merch Payments

Billionaire and SpaceX chief executive Elon Musk is once again publicizing his support for leading memecoin Dogecoin (DOGE).

The 2021 TIME Magazine Person of the Year says his space transportation and aerospace manufacturing company, SpaceX, will soon accept DOGE as payment for select merchandise.

“Tesla merch can be bought with Doge, soon SpaceX merch, too.”

Tesla, Musk’s electric car company, started allowing customers to purchase merchandise with the popular memecoin in January.

Shortly after Musk’s SpaceX announcement, Dogecoin shot up from $0.078 to a high of $0.0841 for a nearly 8% increase in a matter of hours. The 10th-ranked crypto asset by market cap has since retraced to $0.081 but is still up more than 6% in the past 24 hours.

Dogecoin remains down more than 41% in the past 30 days, however.

Musk, a crypto holder himself, has previously said he owns Bitcoin (BTC), Ethereum (ETH), and DOGE.

He says he is a supporter of Dogecoin because he believes it is “the people’s crypto.”

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own DOGE. They aren’t financial experts or Silicon Valley technologists.

That’s why I decided to support Doge – it felt like the people’s crypto.”

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Featured Image: Shutterstock/Fariza Abdurrazaq/MrArtHit