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Tesla’s Adoption of Dogecoin Sends Crypto Market into a Frenzy and Meme Coin Rises Over 21% – Tesla (NASDAQ:TSLA)
May 4, 2024 1:46 pm | 2 minutes of reading |
Elon Muskin Tesla Inc. (NASDAQ:TSLA) officially incorporated Dogecoin (CRYPTO: DOGE) as a payment option, although with a specific limitation.
What happened: Tesla updated its payments page include Dogecoin for merchandise purchases on your online platform.
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The update also hints at the possibility of Dogecoin being accepted for specific products in the future.
Tesla’s association with Dogecoin is not new. In January 2022, the company first accepted the meme cryptocurrency for merchandise such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Later, SpaceX, another company led by Musk, did the same.
In March 2024, Musk suggested that Tesla could accept Dogecoin payments for its electric cars while visiting the Giga factory in Berlin. This led to a 10% increase in the price of DOGE, although the increase was short-lived.
Read too: Forget Dogecoin and Shiba Inu – this Meme coin is up almost 70% in just 24 hours
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The recent announcement of Tesla’s expanded use of Dogecoin has seen the meme coin’s value skyrocket by more than 21% in the last 24 hours.
Why does this matter: Musk’s influence on the crypto market, especially Dogecoin, has been significant. In March 2024, Dogecoin saw a notable increase of $800 million open within three days, following Musk’s efforts.
However, Musk’s relationship with Dogecoin has had its share of controversies.
In June 2023, Musk denied owning Dogecoin in response to a lawsuit accusing him of price gouging. The following month, Musk was accused of financing a “illegal harassment campaign” against Dogecoin investors.
Despite these controversies, Tesla’s recent decision to accept Dogecoin for merchandise purchases signals continued interest in the cryptocurrency and could potentially influence its future market performance.
Now read: Dogecoin Set to Rise Over 200%, Says Crypto Analyst: ‘It’s Going to Do Something Crazy This Cycle
This content was produced in part with the help of AI tools and was reviewed and published by Benzinga editors.
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