DOGE Spikes After Tesla Accepts Dogecoin for Payments
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Tesla now accepts DOGE payments in its online store, offering select products for purchase with Dogecoin
Tesla, the acclaimed electric car company headed by Elon Musk, has now incorporated Dogecoin (DOGE) as a payment method on its website.In the past month, DOGE has risen by over 35%, with the Tesla news contributing substantially to its increase.
Tesla Adopts Dogecoin Payments
Tesla has officially adopted Dogecoin, updating its payment page to include the original meme coin. The integration allows DOGE payments for select products in the online Tesla Shop.
The FAQs section guides users to look for the Dogecoin icon next to the “order” button on eligible products. Tesla’s support page states that those wanting to buy with Dogecoin must first have a “Dogecoin wallet.”
Following the announcement, Dogecoin jumped 21% to reach $0.1685, currently trading at $0.1672, which is a 4% increase in the last 24 hours. This rise reflects the market’s positive reaction to Tesla’s adoption of the cryptocurrency for payments.
Analysts predict a bullish trajectory for DOGE, citing significant improvements across various indicators within the Dogecoin ecosystem. In the last three months, the number of non-empty DOGE wallets has jumped by 13.8%.
The daily transaction volume exceeding $100,000 has approached $1.5 billion, a 12% increase from May 1.
Daily active addresses have grown by 20%, surpassing 66,000. As of May 4, Dogecoin has been among the top performers with a 6% increase, further reinforcing its bull run.
Tesla’s Relationship with Dogecoin
This isn’t the first time Elon Musk’s companies have explored cryptocurrency payments. Elon Musk had previously mentioned that Tesla would begin accepting Dogecoin for some of its merchandise.
In January 2022, Tesla started accepting Dogecoin as a trial, allowing purchases of various company merchandise with DOGE, such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. SpaceX, another company led by Musk, also adopted Dogecoin payments.
In March 2024, during Musk’s visit to the Giga factory in Berlin, he hinted at the potential use of Dogecoin payments for Tesla’s electric cars. This announcement caused a 10% surge in DOGE prices almost immediately.
In order to place winning trades with us via Bybit, You can open an account here.
