Elon Musk is unfaltering in his love for Dogecoin. The Tesla and SpaceX boss has publicly urged McDonald’s to accept his favorite meme coin Dogecoin as payment. The billionaire entrepreneur pledged to eat a McDonald’s happy meal on live television if the fast-food giant adds DOGE as a payment option.
Perhaps Musk is hoping McDonald’s can borrow a leaf out of Tesla’s book. The electric car manufacturer started accepting Dogecoin (and not any other cryptocurrencies) for merchandise payments earlier this month.
Notably, it’s been a rocky start to 2022 for the crypto markets. The nascent market has been struggling ever since November 2021 when most cryptocurrencies hit new all-time highs. The prices of bitcoin and ethereum, for instance, have retraced by nearly 50% from their record highs. As the number one cryptocurrency recently slumped below the $40K mark, a gaggle of crypto insiders and investors began sharing memes about giving up and taking jobs as burger-flippers at fast-food restaurants.
McDonald’s joined in on the fun, playfully asking crypto investors how they are doing following the latest market crash in a viral tweet that has garnered over 107.7k likes so far.
The Musk Effect
Elon Musk, who has previously proclaimed he’s “pro Doge”, has been publicly pushing the idea that Dogecoin is becoming a legitimate tool for payments. Moreover, his space exploration company SpaceX is set to launch a moon mission in the first quarter of this year. The interesting part is that the payload will be paid for fully in the canine-themed cryptocurrency.
The Tesla centibillionaire also previously revealed he is working with Dogecoin developers to make the coin faster and cheaper for everyday payments.
Elon Musk is arguably one of the most influential voices in the world and his words have become market movers in recent months. However, it appears that Musk’s impact on prices has slowly diminished. The Dogefather’s latest Dogecoin-themed has struggled to excite the market.
Currently, DOGE is changing hands in the region of 0.1398, up 5.65% in the last 24 hours. Other top cryptocurrencies have posted bigger gains as the broader crypto market stages a recovery. Bitcoin (BTC), Solana (SOL), Polkadot (DOT), and Avalanche (AVAX) have risen 7.54%, 7.51%, 9.82%, and 14.04% respectively, on the day.