Elon Musk announces possible adoption of Dogecoin at Tesla - DOGE reacts

You know it's a bull market when a shaky cell phone video from Elon Musk gets DOGE's price pumping.

During a speech by the CEO of the American automaker Tesla at the Giga Factory in Berlin, Dogecoin (DOGE) came up. An audience member asked when it would be possible to pay for his Tesla with Dogecoin.

Musk answered the question with a smile, "I think we have to allow it at some point." And continued, "Dogecoin to the moon!"

Elon Musk considers DOGE to be the "common man's cryptocurrency", as the richest man in the world explains in the video. That's Musk's reason for backing Dogecoin. The entrepreneur has made appearances in the past with bizarre marketing campaigns for memecoin. In April 2023, Musk changed the Twitter logo (then a blue bird) to the Dogecoin emblem. The price pumped exploded massively at that time.

The value of memecoins regularly explodes in bull cycles such as the current one. Small triggers are sometimes enough, such as the vague news about a possible Doge integration at Tesla. DOGE is up 9 percent in the past 24 hours.

Despite bullish news, the distance to the all-time high of USD 0.73 is still huge. The tenth largest cryptocurrency by market capitalization is 74 percent away from its all-time high. Memecoins are considered a lucrative investment because of dream past performance. Always be careful, however, because the value is the result of speculation and investments are always risky.