Dogecoin Jumps 27% As Musk Announces Tesla Adopting DOGE Payment
Dogecoin price rose briefly above the $0.2 price range following announcement that Tesla would begin accepting DOGE as payment.
The CEO of the electric vehicle maker, Elon Musk, tweeted that Tesla would begin accepting DOGE, a development that had been greatly anticipated by the Dogecoin community.
The news comes amid recent speculation that Tesla was already testing DOGE payments.
Musk who is a big fan of Dogecoin had teased this adoption numerous times in the past.
In December, the news broke that Tesla was going to begin testing out Dogecoin payments using its merchandise. The price of the meme coin had also jumped following this announcement.
This time around, it went up 27% to trade briefly above $0.2, hitting the 30-day high of $0.215 after Musk’s tweet. DOGE price has since corrected to $0.1894 at the time of writing.
The fact that Tesla was going to begin accepting Dogecoin payments is nothing new. The electric vehicle manufacturer had already announced that this was coming. This time around, it has officially begun accepting DOGE payments.
Dogecoin holders are now able to spend DOGE at the largest elector vehicle company in the world, but it probably sounds slightly better than it is.
For the time being, Tesla customers are only able to purchase merchandise from the company using Dogecoin.
DOGE is not yet a payment option for cars as the company had announced that it was using this as a test run to see how accepting the meme coin for payments would work.
Tesla customers will see the Dogecoin symbol next to the “Order” button on the site for products that are eligible for Doge payments. They can connect their DOGE wallet directly to the site to purchase Tesla merch, which would be correctly priced in Doge to make sure that customers are paying the correct amount.
