The price of dogecoin fell sharply Thursday morning, sliding below 40 cents per coin, after Tesla CEO and crypto booster Elon Musk announced that the automaker was suspending the use of bitcoin in payments over environmental concerns. There have been jokes on Twitter recently that Elon Musk plans to put the DOGE or Bitcoin logo on SpaceX rocket ships when they are ready to take off and fly to Mars. Musk is not the only billionaire who has talked about dogecoin in a positive light in recent months. Dogecoin’s Appearance On SNL And The Aftermath Musk, who is the most famous cheerleader for Dogecoin on Twitter, admitted in a skit on SNL that he thought Dogecoin … Spread the love 43 Interactions, 43 today The “Dogefather” can approve Dogecoin as a payment method for Tesla vehicles. CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a panelist. Earlier in the week, Musk added a note of … That comment took the air out of a stunning rally in Dogecoin this year that saw the meme coin – known by its logo featuring a Shiba Inu dog face – rocket 13,000 percent from January 1 to its all-time high of $0.69 last Wednesday. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. But he's urging investors to proceed "with caution." Dogecoin has been on a rollercoaster in the markets for the past month. The Tesla chief’s Tuesday poll on Dogecoin received over 2.3 million responses so far. Starting as a joke, Dogecoin surged more than 16,000 percent the past year but was down after Musk’s comment. Elon Musk asked his 54 million followers on Twitter, "Do you want Tesla to accept Doge?" While Musk’s boosting of Bitcoin has been accompanied by serious moves to hasten the world’s most popular cryptocurrency’s evolution towards becoming a mainstream form of payment, his tweets on Dogecoin – which started as a joke – have been more playful in nature. Elon Musk, right, appearing in an SNL skit with Michael Che, left, joked that Dogecoin crypto is 'actually a hustle'. The price of bitcoin also pulled back following the announcement. Elon Musk is well-known to the world as a PayPal cofounder, as well as Tesla and SpaceX CEO. — referring to a digital currency worth roughly Rs. The price rebounded above the 40-cent mark later Thursday. Another reason for the rise in Dogecoin Today Prediction is the Elon Musk effect. In February, Musk posted that he had bought Dogecoin for his son “so he can be a toddler hodler” – crypto slang for “Hold On For Dear Life”, and acknowledging the extreme volatility that is a hallmark of crypto prices. On Tuesday, Elon Musk posted a poll on his Twitter account asking his 53.9 million followers: ‘Do … Potentially promising," Elon Musk said on Twitter, vaulting dogecoin … Musk, whose car company holds billions in bitcoin, said he was concerned by "rapidly increasing use of fossil fuels for Bitcoin mining and transactions." The surge in recent months has pushed Dogecoin’s market value to $70 billion, which means it’s worth more than Moderna, Ford and Twitter. All Rights Reserved. Elon Musk early on Tuesday asked his followers in a poll on Twitter whether Tesla Inc should accept payment in dogecoin. ... Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Dogecoin has also attracted the eye of billionaire and crypto enthusiast, Elon Musk. The mogul took to Twitter to announce his support for the meme currency. Elon Musk trying to explain dogecoin on SNL — ms. perfectly fine (@darbwell) May 9, 2021 It didn’t help that the sketch comedy show just could not land a joke – at least until a pre-recorded skit making fun of Musk’s Mars colonization push, featuring … There is also a limit on how many Bitcoins can be created. Elon Musk, CEO of Tesla, has once again ruffled the proverbial “doges’ nest” with another tweet about Dogecoin, the quintessential meme coin (DOGE). Elon Musk on Tuesday asked his followers on Twitter if Tesla should begin accepting the cryptocurrency Dogecoin. The price of the coin rose to above 70 cents earlier this month, according to Coinbase, ahead of Musk's appearance on NBC's "Saturday Night Live." One Dogecoin is currently worth around $0.48, according to CoinMarketCap. His Midas crypto touch was unleased again in February after Tesla disclosed in regulatory filings that it had bought $1.5bn of Bitcoin and that people could use the cryptocurrency to purchase Tesla’s electric vehicles. An endorsement from the richest man in the world will do wonders for any commodity. Latest Dogecoin News: Elon Musk’s Tesla Tweet Excites the Doge Army on Tuesday Musk wants to know if Tesla should accept DOGE By William White , InvestorPlace Writer May 11, … Dogecoin, a cryptocurrency originally created as a joke, has grabbed the headlines thanks to repeated interest from tech billionaire Elon Musk -- and despite doubts in the financial community. On Saturday, Musk tweeted that the meme coin would be used to pay for a SpaceX mission to the moon next year. Some also see it as a viable store of value that can compete with gold. SpaceX launching satellite Doge-1 to the moon next year, – Mission paid for in Doge– 1st crypto in space– 1st meme in space, To the mooooonnn!!https://t.co/xXfjGZVeUW. Ether, Dogecoin gains see Bitcoin’s share of crypto market fall. Musk had let his Twitter followers know that he would mention the cryptocurrency at the show. He did, but it did not have the effect many around the globe were expecting. Part of the hype for a Dogecoin, Tesla linkup is inspired by Musk himself. Got a confidential news tip? Dogecoin has jumped by over 20% today after Tesla boss Elon Musk said that he is working with Doge developers to improve ‘transaction efficiency’ But he has injected some sobering risk assessment into crypto tweets, telling his followers on Friday: “Cryptocurrency is promising, but please invest with caution!”. Bitcoin comes in second, and Elon views it as an inflation hedge. The Twitter poll comes just days after the Tesla and SpaceX chief called Dogecoin a “hustle” during his guest host appearance on Saturday Night Live – a United States comedy sketch show. In January, Bitcoin surged when he posted #bitcoin to his Twitter feed. But, even the Dogefather would not have expected DOGE to become bigger than one of his companies. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Dogecoin Cryptocurrency Records Biggest Jump in a Day, Thanks to Elon Musk and Memes This is not the first time that Musk has opened up about his love for dogs on the Internet, or in general. Dogecoin, by contrast, started as a joke in 2013. Elon Musk Tweets, Dogecoin Leaps And Bitcoin Retreats "Working with Doge devs to improve system transaction efficiency. Tweeting on Tuesday, Musk ran a Twitter poll asking respondents whether they want Tesla to […] With their fingers and Twitter feeds on the pulse of the latest tweets by Tesla CEO Elon Musk, Dogecoin faithful are waiting for any reason to send Dogecoin … Get this delivered to your inbox, and more info about our products and services. The Dallas Mavericks owner said on Twitter that he would not be following Musk's latest decision about accepting bitcoin as payment. On Tuesday, Elon Musk posted a poll on his Twitter account asking his 53.9 million followers: “Do you want Tesla to accept Doge?”. Bitcoin – as well as dogecoin and other cryptocurrencies – have dropped in value in the wake of a critical tweet from Elon Musk. Since last fall, Bitcoin has hit several key milestones towards becoming a mainstream form of payment and has garnered serious interest from heavy-hitting Wall Street investors who believe it will change global finance. Musk has also anointed himself the “Dogefather”. Disclosure: "Saturday Night Live" is a TV show of NBCUniversal, the parent company of CNBC. There is no limit on how many Dogecoins can be created, and it is rarely used as a form of payment. Musk, the CEO of Tesla, posed the question on Twitter in a poll, asking “Do you want Tesla to accept Doge?” with simple “yes” or “no” answer options. Thursday's weakness continues a brutal week for dogecoin, the cryptocurrency that started as a joke nearly a decade ago but has risen to prominence this year. However, dogecoin came under pressure once the show began, at one point falling below 50 cents, and Musk described the cryptocurrency as a "hustle.". Elon Musk, CEO of Tesla and SpaceX, likes cryptocurrency, such as bitcoin and dogecoin. It's value fell 22% on Saturday night before recovering to 55 cents. The poll had 3.9 million votes, with 78.2% saying “Yes.” So the majority of Musk’s followers feel Tesla should accept Doge. In the span of several weeks, the ‘joke’ coin has rocketed in value, with help from Musk and massive daytrader momentum. Data is a real-time snapshot *Data is delayed at least 15 minutes. Dogecoin suffered a huge drop in value overnight, with more than a 30 percent drop in just 24 hours. Sign up for free newsletters and get more CNBC delivered to your inbox. The Dallas Mavericks owner said on Twitter that he would not be following Musk's latest decision ... Sign up to start a free trial today. Musk’s latest tweet … A Division of NBCUniversal. Dogecoin sees value slash after Musk calls it a ‘hustle’, Dogecoin used to pay for SpaceX’s mission to the moon next year, Turkey’s Karpowership shuts down power to Lebanon, WTO can show ‘relevance’ with vaccine waiver, US trade rep says, Cathie Wood’s ETF assets fall below $40bn, but loyal fans hang on, US stocks bounce back from three-day losing streak, Israel pounds Gaza with air raids, shelling: Live news, Several Afghan worshippers killed in blast at mosque near Kabul, Gaza faces threat of Israeli ground offensive as strikes continue, Celebrities weigh in on Israel-Palestine conflict, Al Jazeera Centre for Public Liberties & Human Rights. Earlier today on Twitter a poll was revealed to be about the Shiba Inu Themed Dogecoin, posted by Elon Musk, which further endorsed the coin to fans! The electric-vehicle maker began accepting bitcoin in March this year. The price of the virtual unit hit a record high over the weekend ahead of Musk… © 2021 CNBC LLC. On Tuesday, Elon Musk posted a poll on his Twitter account asking his 53.9 million followers: ‘Do you want Tesla to accept Doge?’. The cryptocurrency price fall was largely simultaneous with Elon Musk's appearance on … On Tuesday, Musk created a poll on Twitter that asked if Tesla should accept Doge. Last year, Twitter users accused Musk of “stealing" a dog’s photo after he shared an image of a dog with the caption “So proud." We want to hear from you. Dogecoin’s revival is undoubtedly a testament to Elon Musk’s Twitter power. The centibillionaire at the helm of Tesla and SpaceX made a return to Twitter to tweet about DOGE last week, which sent the token through the roof. Elon Musk has announced that SpaceX will launch a mission next year that will be paid for with the cryptocurrency dogecoin. Dogecoin witnessed this firsthand when he … Dogecoin regained losses after Elon Musk ran a Twitter poll to ask if followers want Tesla to accept it as payment. DOGE is the "first love" of Musk as far as crypto is concerned. Musk said on Twitter in April that SpaceX was going to put a ‘literal Dogecoin on the literal moon’. The billionaire easily move the prices of cryptocurrencies with any Twitter mention. "We at Mavs.com will continue to accept BTC/Eth/Doge because we know that replacing Gold as a store of value will help the environment ... and ... shrinking big bank and coin usage will benefit society and the environment," Cuban said Wednesday night. There is a massive difference between the two coins. It experienced hype with the announcement of Elon Musk's Saturday Night Live appearance on May 8. Sign up to start a free trial today. Also he is the man who came up with the idea to produce flamethrowers in case there’s a zombie apocalypse (from his Boring Company) and the cybertruck, and lover of Dogecoin. Today that same dogecoin is worth 50 cents US, ... Elon Musk pokes fun at dogecoin on SNL's Weekend ... "Twitter quickly focused on the many whale alerts that showed a … Elon Musk keeps pumping Dogecoin on Twitter, this time, offering a poll to choose between DOGE and “all other crypto combined” regarding the future currency of Earth Cover image via www.facebook.com With Elon Musk set to host SNL, what’s behind the Dogecoin rally? 35 with no real-world use. Gains in Dogecoin, Ether and Binance Coin have seen Bitcoin’s share of crypto market fall from nearly 70% to 43%. Elon Musk asks Twitter followers if Tesla should accept Dogecoin. That finite supply helps keep long-term inflation in check. Dogecoin is … It’s inevitable pic.twitter.com/eBKnQm6QyF — Elon Musk (@elonmusk) July 18, 2020 According to Forbes, Musk has invested $1.5 billion in bitcoin, another form of cryptocurrency, through Tesla and with simple tweets and comments causing shifts in crypto markets. The “Dogefather” is once again putting one of crypto’s hottest digital coins of the moment front and centre on his Twitter feed. Tesla suspends use of bitcoin as payment over environmental concerns. Musk, a fervent supporter of cryptocurrencies, has this year inspired big market-moving swings in the prices of digital coins, including Dogecoin and Bitcoin. Elon Musk on SNL Spurs Dogecoin Watch Parties After 20,000% Gains The late-night comedy show has become a potentially market-moving event for the joke cryptocurrency on a … Become a smarter investor with CNBC Pro. Elon Musk has invested a lot in Bitcoin, so has Tesla and Musk has been promoting Dogecoin since the beginning of this year. Mark Cuban has said people seemed to favor using doge for transactions over other cryptocurrencies, giving it value. , what ’ s share of crypto market fall to his Twitter followers that! With caution. a form of payment rebounded above the 40-cent mark later Thursday not be following 's! 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