Dogecoin pops 8% after Elon Musk says he'll eat a happy meal on TV if McDonald's accepts the meme coin as payment

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Elon Musk
Elon MuskPicture Alliance/Getty Images

Elon Musk's sway over the price of dogecoin continues following a Tuesday tweet from the world's richest person.

Musk tweeted Tuesday morning that McDonald's should accept the meme-crypto token as a form of payment, and if they did he would eat a happy meal on TV.

"I will eat a happy meal on tv if @McDonalds accepts Dogecoin," Musk tweeted. Right after the tweet, the price of dogecoin surged as much as 8% to $0.1445, according to data from CoinMarketCap.

The 10th most valuable cryptocurrency, worth about $18.5 billion, has since pared some of its gains.

Musk's Tesla accepts dogecoin as a form of payment for some of its merchandise, and temporarily accepted bitcoin as a form of payment for its vehicles last year.

Musk's tweet comes a day after McDonald's started to interact with the crypto community via Twitter. The fast-food giant tweeted "how are you doing people who run crypto twitter accounts" amid a sharp sell-off in the crypto market on Monday.

Flipping burgers at McDonald's is an often-said joke among the crypto community during periods of downside volatility. Over the weekend, El Salvador president Nayib Bukele tweeted a photoshopped picture of him wearing a McDonald's uniform as bitcoin plummeted below $40,000.

In response to a meme tweeted by Binance on Monday, McDonald's responded, "wagmi friend," short for we are gonna make it.

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