Is Musk trying to keep Dogecoin relevant in the face of meme coin emergence?

The OG meme crypto, Dogecoin [DOGE] has been in the market since 2013. Despite multiple endorsements from Tesla’s CEO Elon Musk, GenZ’s sudden interest in the asset, and the ongoing meme coin revolution, DOGE failed to reach $1. For several years, the meme coin was touted as a mere joke. Therefore a slew of speculations about how Musk was keeping the coin afloat began doing rounds on social media.

Tesla’s decision to adopt Dogecoin as a payment option for certain merchandise undoubtedly sparked controversy in the market. While Musk did this after ousting Bitcoin, several in the community were outraged. Now, Musk took things up a notch and announced that the firm’s supercharging station would accept Dogecoin as payment.

The emergence of meme coins has sidelined almost every asset in the market. Shiba Inu [SHIB], in particular, had even managed to dethrone Bitcoin [BTC] in terms of social volume. Unlike DOGE, SHIB was able to secure a slew of collaborations and exchange listings within months of its launch.

Therefore, with Tesla accepting DOGE for payments, the community suggested that Musk may be attempting to keep the dog-inspired meme coin relevant in the market. However, even after this news broke, Dogecoin did not witness a significant surge in its price.

At press time, the entire market was painted in red and so was DOGE. The meme coin not only dropped in terms of price its market cap and ranking were also displaced. DOGE was trading for $0.1351 with a 1.57% dip over the previous 24-hours.

Dogecoin scores a deal with Sling TV among other assets

BitPay’s adoption of Dogecoin and Shiba Inu has undoubtedly elevated these assets. Sling TV, a streaming TV company with 2.5 million users in the United States, said that its customers will be able to pay in cryptocurrencies using BitPay.

BitPay facilitates crypto payments and hence subscribers of Sling TV would be able to pay in Dogecoin, Shiba Inu, Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Bitcoin Cash [BCH] as well as Wrapped Bitcoin [WBTC].