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Dogecoin acceptance at Tesla causes DOGE price to explode

 


What Elon Musk announced in December has now been implemented: Individual Tesla items can be paid for with DOGE.


Electric car maker Tesla has started accepting payment in Dogecoin for some of its products. Since the announcement, the meme coin has surged more than 12 percent . 


Screenshots made the rounds on Twitter showing the DOGE symbol next to the Tesla Cyberwhistle and the "Giga Texas" belt buckle. However, Elon Musk's company does not (yet) accept the coin for cars. But you can buy another electric vehicle with the meme coin. Tesla's Cyberquad is a $1,900 quad designed for kids and can be purchased with 12,020 DOGE. This vehicle is not available on the European market. German customers can at least buy a decanter and pay with the meme coin.


Tesla CEO Elon Musk announced the upcoming acceptance of Dogecoin in December. This immediately gave a boost to the price, which had been languishing for months. Tesla does not accept any cryptocurrencies other than DOGE at the moment. 


Musk has stood up for DOGE on several occasions

Musk caused a stir in May 2021 when he announced that he would accept payments in Bitcoin. He backtracked a few months later due to environmental concerns. Still, Tesla continues to hold large Bitcoin holdings on its balance sheet. 


Multi-billionaire Musk has repeatedly touted Dogecoin as a viable alternative to Bitcoin for payments. Meme coin owners benefit from the fact that with the release of Dogecoin Core version 1.14.5, the fees for all network participants have dropped drastically. Cryptocurrencies currently rank eleventh by market capitalization. Memecoin competitor Shiba Inu (SHIB) has now dropped to 13th place.

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