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.

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