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- In a recent development, Tesla, the leading electric car manufacturer, has officially added Dogecoin as a payment option.
- The move has sparked a significant price surge for the meme-inspired cryptocurrency, with a 21% spike in the past 24 hours.
- Despite the new addition, Tesla still only accepts Dogecoin for select merchandise on its online shop.
Tesla, the prominent electric car producer, has officially embraced Dogecoin, causing a 21% spike in the cryptocurrency’s price. However, Dogecoin is currently only accepted for select merchandise on Tesla’s online shop.
Tesla officially embraces Dogecoin
Tesla, led by tech mogul Elon Musk, has officially added Dogecoin as a payment option on its website. The payments page now includes Dogecoin, a favorite amongst the crypto community. However, the company currently only accepts Dogecoin for select merchandise in the online Tesla Shop. The company first began accepting Dogecoin as an experiment in January 2022, with various merchandise, including the Tesla Cyberwhistle and the “Giga Texas” belt buckle, available for purchase with the cryptocurrency.
DOGE price spikes 21%
Following the announcement, the price of Dogecoin experienced a significant surge, increasing by more than 21% in the past 24 hours. This isn’t the first time a statement from Musk has affected the price of Dogecoin. In March 2024, during a visit to the Giga factory in Berlin, Musk suggested that Tesla might add Dogecoin as a payment option in the future, prompting a 10% price surge. However, the increase was short-lived. As of this writing, Dogecoin is trading at $0.159.
Conclusion
The official addition of Dogecoin as a payment option by Tesla marks another milestone for the meme-inspired cryptocurrency. While the current acceptance is limited to select merchandise, it represents a significant step towards mainstream adoption. The impact on Dogecoin’s price further highlights the influence of major corporations on cryptocurrency markets. It remains to be seen how this development will shape the future trajectory of Dogecoin.
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