Every time Musk is linked to cryptocurrency, the market stirs. But this time, his actions toward DOGE (Dogecoin) have plunged the entire ecosystem into an 'unprecedented rift': miners are anxious, retail investors are divided, and DOGE stands at the crossroads of 'payment transformation' and 'deviation from its original intent.'
From 'calling' to 'binding'
Unlike the past where a single statement would drive the price up, Musk this time directly pulled DOGE into Tesla and SpaceX:
Some Tesla charging stations have begun testing DOGE payments and plan to optimize transaction speeds.
SpaceX is collaborating with the DOGE development team to include it in the cross-border small payment system.
This means DOGE is no longer just a 'meme coin' but has taken a real step toward becoming a payment currency. Data also proves the market reaction: within 48 hours of the announcement, DOGE's on-chain transaction volume surged by 320%, with small payments reaching a historical high.
Miners vs. Retail Investors: The rift is deepening.
Concerns of miners: Transaction speeds are shortened, the Tesla node cluster may centralize validation rights, directly threatening their earnings. DOGE's total network computing power decreased by 18% within 24 hours of the announcement.
Disagreements among retail investors: Believers are excited, feeling that DOGE has finally transformed from a 'joke' into 'currency'; but speculators complain that price fluctuations may narrow, reducing opportunities for short-term arbitrage.
Three major uncertainties
Can the application be implemented: Currently only in small-scale testing, not yet forming a large-scale application.
Regulatory risks: Once it becomes a payment currency, DOGE will inevitably face stricter compliance requirements.
Decentralization loss: The node cluster promoted by Musk may gradually turn DOGE into a 'Tesla-linked token.'
Musk's recent actions have shown DOGE a future as a 'payment currency,' but it has also paid the price of growing pains.
The value of DOGE is shifting from 'a word from Musk' to 'the ability for practical application implementation.' Whether it can truly 'change the game' in the future depends on how far Tesla and SpaceX can take their applications.
