DOGE Soars After Tesla Adds Dogecoin as Payment Method

Tesla, the famous electric car maker led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment option on its website.

This month, DOGE is up more than 35%, with Tesla’s announcement giving it a significant boost.

Tesla integrates DOGE payments

Tesla has officially adopted Dogecoin, with the payment page updated to include the OG meme currency. The addition specifies that DOGE can only be used to pay for select products, including merchandise in Tesla’s online store.

The first answer in the FAQ section instructs users to look for the Dogecoin symbol next to the “order” button for eligible products. According to the support page, people interested in making a purchase at the Tesla store using Dogecoin must first have a “Dogecoin wallet.”

A disclaimer also says, “It is the buyer’s responsibility to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.”

After the announcement, Dogecoin rose 21% to $0.1685, currently trading at $0.1672, marking a 4% increase in the last 24 hours, indicative of the favorable market response to the adoption of cryptocurrency for payments by Tesla.

Meanwhile, analysts suggest that DOGE is on a bullish path. Several indicators related to the Dogecoin ecosystem have experienced notable increases. Over the past three months, the number of non-empty DOGE wallets has increased by 13.8%.

The aggregate daily volume of transactions exceeding $100,000 has almost reached $1.5 billion, which is a 12% increase compared to the figures seen on May 1.

Daily active addresses have experienced a 20% increase, exceeding 66,000. As of May 4, Dogecoin stood out as one of the top performers with a 6% increase that doubled in its bull run.

Tesla’s story with DOGE

This isn’t the first time Elon Musk’s companies are dabbling in cryptocurrency payments. Elon Musk had previously stated that Tesla would begin accepting Dogecoin as payment for part of its merchandise.

In January 2022, Tesla began accepting Dogecoin as an experiment, offering various company merchandise for DOGE, including the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Following suit, SpaceX, another company led by Musk, also accepted Dogecoin payments.

Fast forward to March 2024, during Musk’s visit to the Giga factory in Berlin, where he hinted at the implementation of Dogecoin payments for Tesla’s electric cars. Musk’s statement led to a 10% price increase in DOGE immediately afterward.

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