[Bitcoin Now] Falls Below 60 Million Won Again... Musk Says "Purchase Tesla Products with Dogecoin"

Dogecoin temporarily surges 37%

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin briefly rebounded but is once again trading below 60 million won. Elon Musk, CEO of Tesla, appears to be shaking the cryptocurrency market with his statement about enabling Tesla products to be purchased with Dogecoin.

According to the domestic cryptocurrency exchange Upbit, as of 10:54 a.m. on the 15th, Bitcoin was recorded at 59.39 million won, down 0.90% from the previous day. It rebounded to 60.29 million won at 9:24 a.m. but has since declined again. The previous day, Bitcoin had fallen to as low as 57.34 million won.

Musk’s remarks seem to be influencing the cryptocurrency market. On the 14th (local time), Musk tweeted, “We will make some Tesla products purchasable with Dogecoin,” adding, “Let’s see how it goes.” Currently, Tesla sells not only electric cars but also electric bikes, clothing, and accessories.

Dogecoin succeeded in rebounding thanks to Musk’s statement. Dogecoin, which had been trading below 200 won, surged by as much as 37% to 271 won. However, as of the same time on the day, Dogecoin was recorded at 227 won, down 4.62% from the previous day.

Musk has shown interest in Dogecoin from the beginning. Earlier this year, he posted Dogecoin-related content on Twitter, encouraging people to invest. Thanks to this, Dogecoin’s market capitalization surpassed 52 billion dollars (approximately 61.698 trillion won). Additionally, SpaceX, the space exploration company operated by Musk, also announced plans to use Dogecoin as a payment method.

However, Dogecoin is known as a cryptocurrency without intrinsic value. In 2013, software developers Billy Markus and Jackson Palmer created Dogecoin as a joke, using the Shiba Inu dog, which was popular as a meme (a specific culture or content trending online) at the time, as its mascot. When Dogecoin surged earlier this year, Markus said, “It’s nonsense and ridiculous.”

This content was produced with the assistance of AI translation services.