Tesla CEO Elon Musk just dropped some big news for Dogecoin holders. Covered: Elon Musk Dogecoin Announcement DOGE Price Update Elon Musk (@elonmusk) is TIME's 2021 Person of the Year #TIMEPOY https://t.co/8Y5BhIldNs pic.twitter.com/B6h6rndjIh — TIME (@TIME) December 13, 2021 Legacy publication TIME Magazine just announced that Tesla CEO Elon Musk has been named TIME’s 2021 […] The post TIME Person Of The Year Elon Musk To Offer DOGE Payments For Tesla Products appeared first on CryptosRus.

TIME Person Of The Year Elon Musk To Offer DOGE Payments For Tesla Products

Tesla CEO Elon Musk just dropped some big news for Dogecoin holders.

Covered:

  • Elon Musk Dogecoin Announcement
  • DOGE Price Update

Legacy publication TIME Magazine just announced that Tesla CEO Elon Musk has been named TIME’s 2021 Person of the Year. While some from the traditional tech space may be attributing the award to the numerous advancements made in his professional career, proponents from the crypto space are cheering because of his most recent words on the popular meme token Dogecoin (DOGE).

Elon Musk Dogecoin Announcement

This morning, Musk tweeted a message that Dogecoin holders have been waiting months.

The tech CEO is now planning to accept DOGE as payment for Tesla merchandise to “see how it goes” after hinting about the possible integration back in May. While Bitcoin maxis may not be too thrilled with the decision, Musk is taking another shot at bringing crypto into the mainstream.

In an interview with TIME Magazine, Musk brings up a few key advantages he sees in DOGE over Bitcoin (BTC), highlighting the higher transactional throughput of DOGE and superior spending characteristics as compared to BTC.

“It is slightly inflationary, but that number is a fixed number opposed to a percentage, so that means over time, its percentage inflation actually decreases. And that’s actually good because it encourages people to spend rather than hoard it as a store of value.”

DOGE Price Update

Looking at the DOGE chart, the token’s future looks more questionable. The DOGE price surged today after Musk’s announcement despite being well off from its all-time high of $0.75. At the time of writing, DOGE is up 23% on the day, trading at $0.196.

DOGE has been ranging sideways ever since its fall from grace following Elon Musk’s highly anticipated Saturday Night Live appearance back in May of this year, which unironically marked the top for the meme token. 

The future may be bullish for DOGE. Assuming Musk has big plans for the token, I’d wait for some higher highs to be printed to identify a clearer sign of reversal. The abysmal volume level is also a concern to note; it’s telling us that there isn’t much trading activity going on behind the current price levels. 

Although the charts may look weak, I imagine this is how DOGE holders are feeling right now.

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