After Elon Musk asked McDonald's to accept DOGE payments, Dogecoin skyrocketed

Dogecoin is finally green after a steep decline in the last two weeks. It increased by 10% yesterday and continues to rise today.

After Elon Musk asked McDonald's to accept DOGE payments, Dogecoin skyrocketed

It was $0.1488 at the time of writing, up 9.25 percent in the last 24 hours, according to CoinMarketCap. In the last 24 hours, it has traded at a high of $0.1511 and a low of $0.1383.

Let's have a look at what the trek entails.

The Twitter feud between Elon Musk and McDonald's has pushed the price of Dogecoin up.

After a Twitter feud between McDonald's and Tesla and Space X CEO Elon Musk, the price of Dogecoin rose. Musk had stated that if fast-food giant McDonald's accepts Dogecoin (DOGE) as the official payment mechanism, he would consume a happy meal on live TV.

DOGE's price jumped 7% from $0.135 to $0.145 just minutes after the tweet, and the positive trend is still going strong today, thanks to two exchange tweets that have drew the attention of other cryptocurrency bigwigs, including the Dogecoin co-founder.

Since Musk began tweeting about the meme coin, his tweets have had a significant impact on market values. He had previously tweeted that Tesla had begun accepting DOGE for the use of its products, causing the price of DOGE to surge by 25%.

Following Musk's recent Tweet addressed at McDonald's, the fast food giant reacted ten hours later, claiming it will only accept Musk's offer provided Tesla accepts Grimacecoin, a fictitious coin portraying the fuzzy purple 1980s McDonaldland mascot "Grimace."

McDonald's tweet on the Grimace currency prompted crypto opportunists to quickly comment, claiming that purchasing the coin would be a bad financial move because it was only established a few hours ago, despite the fact that it has already been minted on the Binance Smart Chain.

Musk's erratic online conduct is being covered up by the mainstream media boosting his crypto tweets, prompting him to join the crypto McDonald's joke train that has recently gained traction on Twitter.

On February 23, Salvadoran President Nyib Bukele, whose government had previously purchased BTC dip before buying an additional 410 bitcoins at $36,000 apiece during the current crash, joined the tweeting frenzy by posting a poorly manipulated photo of Musk wearing a McDonald's hat and a name tag.

Even though Tesla has over 42,000 Bitcoin worth an average of $31,700 per coin, Musk appears to feel comfortable pushing for Dogecoin. In a recent interview with Time magazine, he stated:

"Bitcoin isn't a good substitute for transactional currency, in general." Despite the fact that it was designed as a joke, Dogecoin is better suited for transactions.

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