Benzinga | May 11, 2021 07:07AM EDT

Tesla To Accept Dogecoin? Elon Musk Sends Price Up 15% Minutes After Tweet

Elon Musk, sometimes referred to as the "Dogefather," proved that he is still capable of driving market momentum after he asked his followers if Tesla Inc (NASDAQ:TSLA) should accept Dogecoin (CRYPTO: DOGE), and only 10 minutes after the price of DOGE was up by 15%.

What Happened: At the time of writing, 77% of over one million voters were in favor of the automaker accepting Dogecoin as a means of payment.

https://twitter.com/elonmusk/status/1392030108274159619

The Tesla CEO also commented on a Bloomberg article that called the popular meme-based cryptocurrency "the people's hustle."

https://twitter.com/elonmusk/status/1392028977812807682

Moments after Musk tweeted the words "Exactly" in response to the author's claims that Dogecoin is "democratizing the hustle," DOGE's price surged to $0.539, recovering most of yesterday's losses.

Why It Matters: Musk's appearance on SNL had the opposite effect to what most people anticipated, after he admitted DOGE was a hustle leading to the cryptocurrency's price falling by over 30%.

Even the announcement of a SpaceX satellite "Doge-1," paid for completely in DOGE failed to provide strong resistance to its price as it fell from $0.58 to $0.44 on Monday.

https://twitter.com/CryptoWhale/status/1391255397768564736

At press time, DOGE was trading at $0.5048, recovering from the entirety of yesterday's dip within a 45-minute time period. The coin's 24-hour trading volume was at $19.9 billion, down 37% overnight.

Image: Heisenberg Media on Wikimedia Commons