Tesla, the world’s most valuable automaker by market capitalization, has now enabled Dogecoin payments. The integration of these payments pushed the price of DOGE up by 20%. On a similar note, Tesla previously suspended Bitcoin payments due to concerns over environmental issues.
It’s no secret that Elon Musk is a big fan of Dogecoin. However, by activating “memecoin” payments, Mr. Musk’s support for the project goes even further. Before that, the CEO was mostly busy talking about the token on Twitter. With the announcement that it is now possible to pay for a Tesla in DOGE, the crypto therefore receives much more concrete additional support.
Those who now wish to acquire their Tesla using Dogecoin should, however, be aware of a small drawback: Orders placed with the “memecoin” can no longer be cancelled. In addition, all such purchases constitute a kind of “final sale” and cannot be returned or exchanged.
Prices are still displayed in fiat currencies, but according to Tesla, this will change soon. All Tesla products should soon be displayed in Dogecoin on the website. Dogecoin is the only cryptocurrency supported by Tesla for the purchase of Tesla products. It was only last year that all bitcoin payments were suspended due to environmental concerns.
Memecoin price soars on bullish news
Shortly after the news broke, DOGE’s price initially rose 30% from $0.16 to a monthly high of $0.21. Since then, the price has fallen slightly to just below $0.20, which is now a 20% upside.
What is Dogecoin and what are its latest news?
Dogecoin is a “meme” cryptocurrency whose mascot is a dog breed Shiba Inu, which is particularly famous on the Internet. The project was introduced by Jackson Palmer on Twitter on November 27, 2013. Palmer and his co-CEO Markus believed that this memecoin would make the cryptocurrency space more accessible to neophytes. According to them, at the time of the development of the DOGE protocol, Bitcoin had been discredited by associations with the Silk Road and the Dark Web. Jackson Palmer left the Dogecoin project and its community in June 2014.
Thanks to Elon Musk, Dogecoin has gained great popularity on Twitter. The token has thus found its way to becoming a simple and user-friendly means of payment. Additionally, DOGE has a strong community and nearly endless attention thanks to social media memes.
In 2021, several events influenced the course of Dogecoin. The Ren project notably enabled access to DOGE on the Ethereum network in the form of a “wrapped coin”, called renDOGE. RenDOGE is an exact representation of Dogecoin on the Ethereum blockchain. Ren was designed to provide greater interchangeability and increase the collective liquidity of crypto assets. In 2021, the price of Dogecoin saw a strong rise, partly thanks to an influx of users.
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