Doge acceptance of merch sends price skyrocketing

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.

made on Twitter Screenshots the round, which features the DOGE symbol alongside the Tesla Cyberwhistle and 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. The Cyberquad by Tesla 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. But at least German customers can a decanter purchase and pay with the meme coin.

As previously reported by BTC-ECHO, 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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