Dogecoin has recouped a substantial chunk of its losses after Elon Musk asked his 53.9 million followers whether Tesla should accept the joke cryptocurrency as a payment method.
The altcoin had slipped as low as $0.42 as enthusiasm started to wane following the billionaire’s appearance on Saturday Night Live, but experienced a renaissance in the early hours of Tuesday morning.
On Twitter, the electric vehicle manufacturer’s “technoking” had written:
“Do you want Tesla to accept DOGE?”
More than 1.5 million people have already cast a vote in the 24-hour poll. At the time of writing, 76.7% of respondents have said yes, with the remaining 23.3% choosing no.
At present, the cheapest car that Tesla offers — a Model 3 — would set you back 73,729 DOGE.
It’s a well-documented phenomenon that DOGE prices surge whenever Elon Musk tweets favorably about this shiba-inu branded cryptocurrency (even if he described it as a “hustle” during his SNL debut.)
SHIB Rivalry Heats Up
All of this comes as “Dogecoin killer” SHIB continues to bark its way up the rankings. Now No. 17 in the CoinMarketCap top 100, it has risen by 1,854% in the past week and currently has a price of $0.00003365.
The meme coin, which started as an experiment to create a spontaneous decentralized community, was listed in Binance’s high-risk innovation zone yesterday, and is now also available on OKEx. Jay Hao, the exchange’s CEO, said:
“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs.”
It seems that “petcoins” are all the rage right now — a trend that some critics believe could point to froth in the crypto markets. Carole Baskin, who rose to fame for starring in Netflix’s Tiger King series, recently launched a new digital currency called $CAT.
And in other developments, reports suggest that a managing director at Goldman Sachs in London has quit his job after making millions of dollars from Dogecoin.