Dogecoin spikes after Musk hints at Tesla payment option

Elon Musk, the chief executive officer of electric car manufacturer Tesla, appears to have influenced the cryptocurrency market once again by suggesting that Dogecoin could be used to buy Tesla vehicles in the future.

During a Q&A session at Teslas Berlin Gigafactory, Musk responded to an audience question about the possibility of Dogecoin payments for Tesla cars, stating.

“At some point, I think we should enable that,” Musk said.

Following his remarks, Dogecoins price experienced a sharp increase, and is now up 14% for the week, according to CoinGecko data.

The worlds largest memecoin was trading at US$0.1748 at 1:30 p.m. ET.

Dogecoins recent performance, including a near-80% rally in March, has largely been overshadowed by the rise of a new generation of memecoins, including Solana-based Dogwifihat.

Dogwifihat recently announced that its community has raised US$700,000 to project the memecoin on the Sphere of Las Vegas.

Pepe, a frog-themed memecoin on Ethereum, recorded a new all-time high on Thursday.