McDonald’s will be the next company to join the Dogecoin bandwagon if Elon Musk gets his way.
Musk, a long-time advocate of Dogecoin, called on McDonald’s on Tuesday to accept the meme currency as a valid payment method for its products. If McDonald’s agreed to his proposition, the millionaire pledged to give them some publicity.
According to reports, the price of Dogecoin increased by more than 7% after Musk’s tweet.
McDonald’s has not yet announced anything officially, but it did respond to Musk’s tweet, saying, “only if Tesla accepts grimacecoin.”
McDonald’s has been actively engaging with the crypto community on social media in the days leading up to Musk’s offer. Last week, McDonald’s reacted to a Twitter user who stated that if the fast-food company accepted Dogecoin, he would eat there more frequently.
“We appreciate hearing your interest and continuously evaluate the payments experience,” McDonald’s said in response.
On Monday, McDonald’s also mentioned cryptocurrencies like bitcoin, Ethereum, and Dogecoin suffered significant price fluctuations. Cryptocurrencies have been volatile in recent weeks as investors reduce their exposure to riskier investments to anticipate the Federal Reserve’s planned interest rate rises.
El Salvador’s President Nayib Bukele published a meme of himself in a McDonald’s uniform on Monday as the price of bitcoin sank. El Salvador became the first country to accept bitcoin as legal cash last year, thanks to Bukele’s leadership.
Dogecoin’s value skyrocketed this month when Musk said that Tesla would accept it as payment for goods and other things on its website. Products like Tesla’s “Cyberquad for Kids” and a commemorative Tesla belt buckle were soon priced in Dogecoin.