Dogecoin

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The market for Dogecoin (DOGE) soared today after Tesla CEO Elon Musk stated that his business “would make certain items buyable” using the joke coin.

Elon Musk made the startling comment on Twitter early Tuesday morning, prompting the price of DOGE to immediately rise.

Musk made the statement today in response to statements he made in an interview with Time published yesterday, in which the outspoken CEO stated bitcoin (BTC) “at least at its base layer” is “maybe appropriate as a store of wealth.” It is, however, “not a good alternative for transactional cash,” he noted.

“Dogecoin is better suited for transactions,” Musk added, despite the fact that it was established as a joke.

The remarks have resulted in a more than 25% increase in the price of DOGE in the last 24 hours (as of 12:00 UTC). The currency is now trading at USD 0.2069, representing a weekly gain of 16 percent. In a month, the price has dropped by roughly 20%.

Dogecoin

Tesla, as previously reported, introduced bitcoin to its financial sheet in February and announced that it will take bitcoin as payment for its vehicles.

The event was subsequently followed by a more tumultuous period, during which Musk regularly chastised bitcoin for its energy-intensive mining while also touting dogecoin as a superior cryptocurrency.

When Musk announced that Tesla will no longer take Bitcoin as payment for automobiles due to the “rapidly expanding usage of fossil fuels for Bitcoin mining,” public opinion turned against him.

However, Tesla CEO Elon Musk’s statements in June this year gave the bitcoin community some optimism, when he stated that the company will begin accepting bitcoin transactions “when there’s confirmation of decent (50 percent) renewable energy consumption by miners.”

DESO outperforms

Decentralized Social (DESO), a lesser-known cryptocurrency, has also risen dramatically today as a result of Coinbase Pro’s announcement yesterday. DESO will begin trading on Coinbase Pro today at 9:00 a.m. PT (17:00 a.m. UTC) “if liquidity criteria are fulfilled,” according to the release.

For the time being, the cryptocurrency will only be available on Coinbase’s platform for professional traders, not on Coinbase.com, which is more aimed toward ordinary customers.

DESO was trading at USD 130 at press time, up 36% in the previous 24 hours and 31% in the previous week.

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