- The electric car giant very recently started accepting payments in Dogecoin.
- Twitter users noticed a Doge symbol beside the Tesla Cyberwhistle and the Giga Texas belt buckle earlier in the day.
- The decision resulted in the rise in the price of the biggest meme coin.
Tesla, the electric car firm has started valuing some of their products in Dogecoin, the coin which started as a meme currency originally.
And it resulted in the price to be up by more than 18%, of this coin inspired by Shiba-Inu.
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Some of the Twitter users which also included Billy Markus, the co-founder of Dogecoin, spotted the Doge symbol beside the Giga Texas Belt Buckle and the Tesla Cyberwhistle earlier in the day, today.
Billy Markus informed through his Twitter account saying, it’s happening by putting hashtag Doge for Tesla
In fact, “CEO of Tesla”, Elon Musk also informed through his Twitter saying, Tesla merch is buyable with Dogecoin.
Tesla does not accept payment via Dogecoin but technically one can buy an electric vehicle with the most popular meme coin. Tesla’s Cybersquad, specifically designed for children which is a quad bike worth $1900 can be bought through payments in Doge.
Recently in December 2021, Elon Musk, the CEO of Tesla also announced that the Electric car giant would make some merchandise that will be buyable with Dogecoin, which elevated the performance of this cryptocurrency which previously had a sluggish price action for months.
A pseudonymous software engineer called Tree of Alpha noticed earlier in the week that Tesla has started a trial for the Dogecoin payment option, after he analyzed the source code of the website.
Tesla highlights in the FAQ sections of the website, that it does not accept payment in other cryptocurrencies other than Dogecoin. The company got into Bitcoin payments in May 2021 but later dropped the idea due to concerns regarding the environment. But still, the balance sheet of Musk’s company holds the largest cryptocurrency. Elon Musk has repeatedly stated Dogecoin to be a better option in comparison to Bitcoin.
Elon Musk has always been in favor of Dogecoin which has influenced the performance of this meme coin from time to time. This decision of Tesla accepting payments in DOGE also resulted in raising the price of the cryptocurrency, it will be quite interesting to see how Musk or any of his decisions will affect Dogecoin in the future. But this decision has definitely added plus points for it.
Source: https://www.thecoinrepublic.com/2022/01/14/dogecoins-prices-took-flight-after-tesla-began-accepting-doge-for-merch/