Dogecoin soared on Tuesday after billionaire Elon Musk asked if Tesla Inc. should accept it as payment.
Musk, a vocal supporter of the Shiba Inu-themed token, asked his followers on Twitter if they wanted Tesla to embrace Dogecoin. The survey received 750,000 responses in about thirty minutes.
According to Coinmarketcap.com, the token jumped from about 46 cents to as high as 54 cents after Musk’s tweet.
The fourth-largest cryptocurrency has been notoriously unpredictable after Tesla CEO Elon Musk jokingly referred to Dogecoin as “a hustle” on “Saturday Night Live” last weekend. Its market capitalization has dropped from $95 billion to $67 billion at the moment.
Musk’s commercial rocket company, SpaceX, will launch a mini-satellite from Geometric Energy Corp. to the Moon in 2022, paying for it entirely in Dogecoin.
It wouldn’t be Tesla’s first foray into the crypto world. A month after announcing a $1.5 billion investment in the largest virtual token, the company revealed in March that it would accept Bitcoin as payment for its electric cars.