Dogecoin — the meme-based cryptocurrency — had a sharp fall Thursday morning, and it’s because of a recent decision by Tesla CEO Elon Musk.
What did Elon Musk say?
Musk said Tuesday night that Tesla will no longer accept the Bitcoin cryptocurrency as a form of payment for Teslas.
- Musk said in a tweet: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
- “Cryptocurrency is a good idea ... but this cannot come at great cost to the environment.”
What happened to Dogecoin?
According to CNBC, the price of a single dogecoin dropped below $0.40 per coin. This is a sharp drop from where dogecoins were valued earlier in May, which was closer to the $0.70 mark.
Dogecoin’s price dropped soon after Musk appeared on “Saturday Night Live,” too, as investors sold at a peak level and dipped out.
- Dogecoin dropped down to $0.50 not long after Musk described Dogecoin as a “hustle” on “Saturday Night Live,” as I explained for the Deseret News.
It’s unclear what will happen for Dogecoin moving forward. Social media has already kicked off a campaign for Tesla to accept Dogecoin and to replace Bitcoin as a form of currency for the car company.