Elon Musk Considers Establishing A University That Will Accept Dogecoin As Tuition Fees

Tesla’s Elon Musk is considering starting a university that accepts Dogecoin for tuition. Meme coins continue to rise as a result of Elon Musk’s Twitter engagement. With this, CEO of SpaceX and Tesla once again shows that he is full of surprises.

Musk strikes again

A few days ago, he revealed that he was thinking of starting a new university to be called the Texas Institute of Technology & Science. Today, he added that his favorite meme token, Dogecoin (with the ticker DOGE), would be accepted for tuition. In addition, dog owners would receive a discount:

“I am considering starting a new university called ‘Texas Institute of Technology & Science’. Tuition is in Dogecoin and you get a discount if you have a dog.”

Musk’s Tweet, in turn, had a positive impact on DOGE’s market performance. Since then, about $2 billion has been added to DOGE’s market valuation as it rose about 5%. The idea itself has now become a meme as well. The acronym for the institution was deliberately chosen as “TITS,” as the billionaire himself has confirmed. It won’t surprise anyone when he actually implements the idea.

Meanwhile, other meme coins are benefiting from the attention being drawn to these cryptocurrencies. The market has seen Dogecoin’s competitors soar. Dogecoin has effectively lost its position as the leading dog-themed cryptocurrency to Shiba Inu (SHIB), which recently surpassed it in market cap.

It was tense between the two as DOGE initially recovered, but then the tables turned again. Currently they are almost equal in market capitalization, there is a difference of only $3 billion. SHIB’s market cap is about $39 billion, while DOGE’s is about $36 billion, according to Coinmarketcap data.

Other meme coins also benefit

A host of other meme coins have also shown shocking performance attributed to Elon Musk’s Twitter activity. Notable among them is Dogelon Mars (ELON), a meme coin named after the eccentric billionaire. In October alone, the coin is up about 3,700% according to data from cryptocurrency exchange Poloniex. As a result, the market cap grew from approximately $26 million at the beginning of the month to $1.19 billion at the end of the month.

Aside from Musk’s influence, it also appears that Mark Zuckerberg’s announcement of Facebook’s rebrand to “Meta” has also had an effect on the global cryptocurrency market. Reportedly, Zuckerberg’s move to focus on creating the “Metaverse” could be behind MANA’s price hike. This is the native token of NFT platform Decentraland. MANA’s price rose 300% this week, bringing the platform’s market cap to over $5 billion.

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