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Dogecoin To Be Used As Payment Token In Tesla According To Elon Musk

According to a recent interview, Tesla President Elon Musk while speaking mentioned that the electric vehicle company could acknowledge Dogecoin (DOGE) and could make it one of the authorized payment methods for buying Tesla vehicles.

Musk made the announcement at the ‘We Are Giga‘ occasion in Texas, where he made known his support for Dogecoin, raising assumptions with the crowd by expressing “Dogecoin to the Moon.” While Musk didn’t share a particular date that the exciting development would kick start, he expressed his faith in the potential of the altcoin and its significance as “the people’s ‘ digital currency.

Is Dogecoin Loved By All Crypto Enthusiaste?

Musk elaborated on his support for Dogecoin while speaking at the occasion. He mentioned the accessibility of DOGE and its importance in day-to-day use for the general population.

While expressing that Bitcoin (BTC) is liked by richer investors, Musk expressed that Dogecoin draws the attention of common people, giving it the title of  “the people’s cryptocurrency.”

Read Also: Dogecoin Spikes Following Elon Musk’s Acceptance Of Twitter Deal.

How Soon Will Dogecoin Be Used in Tesla?

In the light of trying to ascertain when Dogecoin will be used by Tesla as a means of payment, Musk tried not to give an exact date yet demonstrated that the cycle would begin soon. He drew the attention of crypto lovers by giving messages of certainty about his obligation to cryptocurrencies during conversations with factory workers at Tesla and SpaceX who stated their support for Dogecoin.

Recall that in 2022, the Billionaire made an official announcemnt accepting Dogecoin as a means of payment in his perfume company which he called “the finiest fragrance on Earth” the recent news of accepting dogecoin in the electric car company is an indicator that Musk is on the road to incoporating dogecoin as a means of payment in all his product.

Dogecoin Performance After The News

Musk’s support for Dogecoin and incorporating it as a means of Tesla Transaction generated confidence in the altcoin’s worth and utility in the cryptocurrency market. Following the announcement by Musk, DOGE’s price at one point rose from $0.172 to $0.191. At the time of composing, it has seen a slight pullback, trading at $0.187 after a 24-hour increment of 8.26%.

Musk’s declaration focuses on an expected future where Dogecoin could act as an authorized payment method for Tesla sales. The Billionaire business visionary’s undiluted support for DOGE mirrors his faith in the appeal of the altcoin and its inherent potential. Musk finished up his speech with the revitalizing cry “Dogecoin to the Moon,” which is an indicator of his interest in memecoins.

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