Home Latest News Dogecoin news: Why did Doge spike? Will it last? – Deseret News

Dogecoin news: Why did Doge spike? Will it last? – Deseret News

The Dogecoin cryptocurrency spiked after Elon Musk revealed something about its future.
Illustration by Alex Cochran, Deseret News

Dogecoin saw a massive spike Tuesday after Tesla CEO Elon Musk tweeted about the cryptocurrency token, revealing that it might have a big future.

Musk tweeted that Tesla would accept dogecoin as payment for some merchandise, giving the coin another real-world use.

Dogecoin — like other meme-based cryptocurrencies such as Shiba Inu coin — often relies on social media hype and chatter to see its value rise. When more people talk about it, more people invest in the coin, leading to an increased value in the coin.

Musk’s tweet aligns with advice from Dallas Mavericks owner Mark Cuban, who said in May that the Dogecoin crypto token needs to gain utility in order to find success. Cuban allows people to buy items at the Dallas Mavericks team store using Dogecoin.

Copyright © 2022 Deseret News Publishing Company. All Rights Reserved


Previous articleCoinbase bankrolls lawsuit against Treasury over Tornado Cash sanctions – The Washington Post
Next articleAndroid 13 preview version rolled out for Vivo X80 Pro, iQoo 9 Pro users – Business Standard
He loves to share his thoughts via Internet. Associate writer at Inferse.com, his prime focus is to review latest cameras and smartphones. He is the official photographer at Inferse.