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Dogecoin keeps its price up after Elon Musk’s tweet

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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.

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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.

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