Dogecoin is an open-source P2P digital currency. Despite starting out as a joke, the cryptocurrency has gained support. At the beginning of March, the operator of Bitcoin ATMs CoinFlip listed DOGE in its network, which includes 1,800 ATMs in the U.S. A few days later, Dallas Mavericks announced adding Dogecoin to its list of accepted cryptocurrencies. Later in the same month, Kessler Collection, the U.S.-based chain of luxury hotels, announced accepting crypto for payments, including Dogecoin.

The tweets by Tesla CEO Elon Musk at various times affected the price of Dogecoin. Today, he tweeted a GIF of a Shiba Inu dog laughing, thus boosting DOGE even more. Dogecoin currently has a market cap of over $16.1 billion, per Coin Market Cap data. Its price has increased by over 53% in the past 24 hours and it is trading at around $0.125 at the time of writing.  

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Institutional adoption of cryptocurrency has increased over the past months. Last month, payment network Mastercard also announced that it would offer support for crypto for payments on its network in 2021. In a blog post, the head of digital payment products Raj Dhamodharan suggested that stablecoins would be brought onto the network. In particular, that is because they meet compliance requirements and other regulations.

Moreover, PayPal allowed its users to hold, buy, and sell cryptocurrencies in October last year. The company is now looking into expanding its crypto reach having launched a new business unit.

Just last week, automaker Tesla has announced the introduction of Bitcoin as a payment method for customers based in the U.S. Moreover, CEO Elon Musk suggested introducing Bitcoin support for international customers later. Luxury hotel group The Kessler Collection also announced accepting crypto this month, thanks to a partnership with BitPay.

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According to the source, the automaker will retain Bitcoin without converting it to fiat money. Tesla announced the plan to introduce BTC as a payment method earlier this year. In February, the company purchased Bitcoin worth $1.5 billion.

Other large companies besides Tesla accept payments for their products and services in Bitcoin. This includes Microsoft, streaming platform Twitch, online travel booking website Expedia, luxury hotel chain The Kessler Collection, beauty retailer Lush, and a number of others.

As per CoinMarketCap’s current data, Bitcoin is up by 3.88% in the past 24 hours. It is trading at around $57,000 at the time of writing.

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