The Dogecoin (CCC:DOGE-USD) army is falling into formation this morning. The most animated crypto fanbase is taking its relationship with Elon Musk to the next level. With Musk recently abandoning his support for Bitcoin (CCC:BTC-USD), the #Doge4Tesla rallying cry is becoming louder.
Musk has been throwing the crypto world into turmoil since his SNL episode on May 8. With Dogecoin plunging, he then set his sights on Bitcoin. Musk announced in February that his EV company Tesla (NASDAQ:TSLA) would accept BTC as a payment. He also revealed that Tesla invested $1.5 billion in BTC on its own.
However, he is flip-flopping on his BTC bullishness.
Citing crypto’s detriment to the environment, Musk’s Tesla is no longer accepting Bitcoin, and will be holding its BTC until there is a more energy-efficient way to transact it. The result is a tanking of not just Bitcoin, but other major coins like Ethereum (CCC:ETH-USD) and Binance (CCC:BNB-USD).
In the wake of the news, Musk has been building hope still in Doge-heads. Tuesday, he conducted a Twitter poll, asking users if they want the option to buy Teslas with DOGE. Of course, the answer is a resounding “yes,” and Dogecoin Twitter is not letting Musk forget about the result.
#Doge4Tesla Keeps Meme Coin Payment Option Alive
#Doge4Tesla is one of the most active hashtags right now on the social media platform. Posts are coming left and right with the hashtag, many of which tag Musk’s account.
While Musk did not actually confirm anything regarding Dogecoin-Tesla purchases, the question has lit a fuse that is leading to an explosion on social media. The campaign hopes to push Musk toward actually allowing the payment option.
Is the payment option likely? Dogecoin mining and transactions still consume their fair share of electricity, but significantly less so than Bitcoin. It remains to be seen if Musk thinks the pup coin is low-impact enough to warrant actually implementing it within his own business.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.