Dogecoin Swells On Elon Musk’s McDonald’s Offer
Elon Musk’s recent tweets about Dogecoin sent the meme coin soaring once more. The self-proclaimed “Dogefather” recently took to Twitter to confirm an offer he made last year. The offer was straightforward: Musk would eat a McDonald’s happy meal on TV if McDonald’s began accepting Dogecoin.
The offer was made in January 2022. DOGE was trading at $0.13 at the time, but Musk’s McDonald’s offer resulted in a 15% increase in the meme coin’s price, taking it to $0.15 in the following days. However, the rally was short-lived, and Dogecoin quickly reversed all of the gains made possible by the Dogefather’s offer.
Elon Musk was tagged in a McDonald’s tweet on January 27, 2023. The tweet cited Musk’s initial offer and inquired whether it was still open. Musk quickly confirmed that the offer was still open. This latest Dogecoin endorsement boosted the token’s value yet again. DOGE fell from $0.085 to $0.092 the next day. This 8% gain propelled the token to a 6-week high.
Traders rushed to place long bets on DOGE after Musk’s tweet. As a result of the tweet, the token’s daily trading volume increased by 26%.
Pumps from tweets rarely last long, and this was the case with Elon Musk’s latest tweet, which resulted in a significant increase in the price of Dogecoin. It is currently trading at $0.88, down 4% from its 6-week high.
Elon Musk recently confirmed that he would eat a McDonald’s happy meal while watching television.
The offer was made a year ago and is conditional on McDonald’s allowing Dogecoin payments.
(With inputs from Shikha Singh)
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