Elon Musk, CEO of Tesla and the richest person in the world, revealed through Twitter on Friday that his space exploration company Spacex will soon start accepting Dogecoin as a form of payment. The memecoin started witnessing a boom in price ever since Musk’s tweet. And now it has toppled the crypto coin Polkadot out of the top 10 to become the 10th biggest cryptocurrency currently available in the market.
Currently, Dogecoin’s market value currently sits around $11 billion while Polkadot’s market cap is currently around $9.2 billion.
It’s worth noting that Dogecoin has been trailing Polkadot for weeks and has only recently made a strong drive to overtake it when Elon Musk, the CEO and founder of Tesla, announced that SpaceX will soon enable DOGE payments.
Elon Musk and Dogecoin Growth
Musk has made a significant contribution to Dogecoin’s explosive ascent over the last year. Musk was a pioneer in pushing the memecoin to an all-time high (ATH) of above $0.7.
Despite the fact that the cryptocurrency has experienced a significant drop since its all-time high of $0.7, Musk has continued to support it.
Musk’s unwavering support for the cryptocurrency has alarmed one of Ripple’s attorneys, who thinks that if Dogecoin is certified an investment contract, he might face SEC charges.
Musk first tweeted about Dogecoin in 2019 and has been a vocal promoter of the cryptocurrency since then. He has stated working with Dogecoin developers on improving the network in addition to owning it.
The world’s wealthiest man has said that the meme-inspired cryptocurrency is best suited for transactions and is the “people’s crypto.”
Musk stated in June of last year that Tesla will resume accepting Bitcoin if cryptocurrency miners can guarantee a minimum of 50% clean energy usage. The problem, however, has been put on the back burner since then.