Dogecoin is going to the moon? Musk: It's true, and we'll take SpaceX! The value of the currency has risen by 27%

With Musk’s “personal endorsement” again, Dogecoin has become popular again.

At around 6:30 pm Beijing time on April 1, Tesla CEO Elon Musk said on his personal Twitter account: "SpaceX will send a Dogecoin to the moon."

As soon as Musk finished speaking, the price of Dogecoin took off. According to Coindesk data, in one hour, Dogecoin soared from about $0.054 per coin to about $0.069 at its peak, an increase of 27%. Although it later fell back, as of press time, the price of Dogecoin still rose by about 15%, with a total market value of $7.8 billion.

Musk has supported Dogecoin many times

This is not the first time Musk has spoken about Dogecoin.

On February 4 this year, Musk mentioned Dogecoin six times on Twitter in one day. Subsequently, the price of this cryptocurrency quickly rose by 60%, with a market value of 10 billion US dollars, becoming the world's eighth largest cryptocurrency.

In a tweet that day, Musk boasted that "you're welcome" and retweeted a spoof picture made by netizens: Musk transformed into the baboon elder in the movie The Lion King, holding up "Dogecoin" high in the air.

On February 6, Musk launched another vote on Twitter: "What do you hope to use as the future currency of the earth?" So far, more than 2.4 million people have participated in the vote. Among them, 71.3% of netizens chose to use Dogecoin as the future currency, and 28.7% chose other currencies.

On February 24, Musk sent five consecutive tweets related to Dogecoin, hinting that Dogecoin would be placed on the moon.

Musk's love for Dogecoin is evident from his frequent voice for it. On April Fool's Day 2019, the official account of Dogecoin launched a vote on Twitter to select the CEO of Dogecoin, and Musk was elected with a high vote. Later, Musk tweeted that Dogecoin is his favorite digital currency.

However, Musk's frequent endorsement of Dogecoin has also caused trouble for him. According to a report by Cailianshe on February 26, there were market rumors at the time that the US Securities and Exchange Commission would investigate Tesla CEO Musk's social media comments on Dogecoin. Analysts believe that due to its huge social influence, every time Musk mentions Dogecoin on social media, the price of this spoof virtual currency will soar.

Digital currency acceptance is becoming increasingly popular

In addition to Dogecoin, Musk also often supports Bitcoin. Just last Wednesday, Musk sent three tweets in a row, announcing that Tesla cars can be purchased with Bitcoin in the US market, and that markets outside the US will also accept Bitcoin payments later this year.

Musk also said that Bitcoin paid to Tesla will remain as Bitcoin and will not be converted into fiat currency.

Tesla not only began to accept Bitcoin payments, but also bought Bitcoin in person earlier. On February 8, in a document submitted to the U.S. Securities and Exchange Commission, Tesla stated that it had purchased $1.5 billion worth of Bitcoin.

Not only Musk and Tesla, more and more companies and financial institutions are also accepting digital currencies represented by Bitcoin.

According to China Securities Journal, global payment giant PayPal announced the launch of cryptocurrency settlement services on Tuesday. Currently, the company has allowed American users who hold cryptocurrencies in PayPal wallets to convert Bitcoin, Ethereum, Litecoin, etc. into legal tender to purchase goods directly from online merchants.

"This is the first time that users can use cryptocurrency seamlessly in their PayPal wallet, just like using a credit or debit card." PayPal President and CEO Dan Schulman told the media that this feature will boost the company's focus on mainstream applications of cryptocurrency while providing users with more choices and flexible payment methods.

The day before, Visa, one of the world's largest credit card payment companies, also announced that it would allow the use of cryptocurrency USD Coin to settle transactions on its payment network. Other financial institutions including Bank of New York Mellon and BlackRock are taking measures to expand the use of cryptocurrency in investment and payment.

Not only financial giants, CME also announced on Tuesday that it plans to launch a mini Bitcoin futures contract that will enable traders to invest in fractional units of the digital currency.