Elon Musk Hints at Tesla Accepting Dogecoin Payments, Boosting Crypto’s Surge
Amidst a visit to a Tesla plant near Berlin, Elon Musk, the world-renowned tech billionaire, ignited a surge in Dogecoin’s value by hinting at the possibility of Tesla accepting the meme-inspired cryptocurrency as payment for vehicles.
In a widely circulated video on Twitter, Musk expressed his interest in enabling Dogecoin payments for Tesla vehicles, stating, “At some point, I think we should enable that. Dogecoin to the moon.” This endorsement comes as Musk continues to champion Dogecoin, affectionately calling it “the people’s crypto.”
Musk attributed his support for Dogecoin to the feedback from “regular guys” at Tesla and SpaceX factories, emphasizing its status as a cryptocurrency embraced by the masses. Notably, Tesla already accepts Dogecoin for merchandise transactions, while also permitting Bitcoin payments for car purchases.
Dogecoin, initially conceived as a satirical take on Bitcoin by developers, has surged in popularity, buoyed by Musk’s public endorsements. Despite its origins as a meme coin, Dogecoin has evolved into the 10th largest digital asset by market capitalization, with a valuation exceeding $25 billion.
The cryptocurrency’s value experienced a notable uptick following Musk’s remarks, with Dogecoin trading at $0.18 earlier today, according to CoinGecko data. Although the price has slightly retreated to $0.17, it still reflects a 4% increase over the past 24 hours, contributing to a remarkable 115% surge over the past 30 days.
Musk’s endorsement of Dogecoin comes amidst Tesla’s complex relationship with cryptocurrencies. While Tesla previously invested $1.5 billion in Bitcoin, it later divested a significant portion of its holdings and temporarily suspended Bitcoin payments. However, the company reinstated its acceptance of Bitcoin, with Musk affirming its role as a corporate asset.
With speculation mounting over Tesla’s potential adoption of Dogecoin as a payment option, the cryptocurrency market eagerly awaits further developments. Musk’s influence continues to shape the trajectory of cryptocurrencies, demonstrating the significant impact of his endorsements on market sentiment and investor behavior.
Amidst a visit to a Tesla plant near Berlin, Elon Musk, the world-renowned tech billionaire, ignited a surge in Dogecoin’s value by hinting at the possibility of Tesla accepting the meme-inspired cryptocurrency as payment for vehicles. In a widely circulated video on Twitter, Musk expressed his interest in enabling Dogecoin payments for Tesla vehicles, stating,…