I am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.
Meme cryptocurrency dogecoin surged on Thursday after Elon Musk hyped the Shiba-Inu-inspired token and hinted it could be accepted as payment for Tesla cars in the future, the latest in a long line of endorsements from the billionaire as the crypto market rallies andhas climbed nearly 8% over the last 24 hours, reaching roughly $0.18, and with a market capitalization of around $26.5 billion, the popular—and notoriously volatile—meme token is one of the top ten most valuable cryptocurrencies.
The spike, largely an outlier among the tepid or stagnant gains among other leading cryptocurrencies over the past day, comes after Musk hyped up the meme-based cryptocurrency to a crowd at a Tesla factory in Germany. When asked whether the electric vehicle maker would accept dogecoin as an official form of payment for its cars, Musk said he thinks the company “should enable that…at some point.”The billionaire, a long-term enthusiast of the dog-inspired coin, revealed why he endorses dogecoin over other crypto tokens, explaining that while “lots of rich people were supporting bitcoin,” the people working the line at his SpaceX and Tesla factories were asking him to support dogecoin.
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