Dogecoin Rises by 29% Amid Reports of Tesla Supporting DOGE Payment

The recent surge in Dogecoin’s market value is attributed to renewed reports that Tesla, led by Elon Musk, has incorporated DOGE as a payment instrument. Observers noted that Tesla’s payment section had been revised over the weekend to feature Dogecoin. While DOGE is a valid asset for some products listed on the Tesla website, it does not include electric cars. The company permits the use of DOGE exclusively for purchasing merchandise through its online store, Tesla Shop.

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Dogecoin Takes Impact

Following this update, Dogecoin’s market value increased dramatically, with a 28.69% surge in value in just 24 hours. However, there is skepticism surrounding the supposed “news” around Tesla adding Dogecoin as a payment method, as Elon Musk’s firm has been known to support Dogecoin payments for years.

DOGE Payment Supported with Tesla Exchange since 2022

Notably, on December 14, 2021, Elon Musk revealed that Tesla would experiment with accepting Dogecoin in exchange for merchandise. A month later, Musk confirmed incorporating Dogecoin as a payment method for Tesla Shop. The move came after Tesla discontinued Bitcoin payment for its goods, citing environmental concerns.

Elon Musk Dogecoin Payment annocements

Musk has praised Dogecoin over Bitcoin, stating that it is better suited for transactions. This is because the Dogecoin network allows for higher transaction counts and charges lower fees for transfers compared to Bitcoin. Additionally, Musk disclosed that he had received numerous appeals from his employees to back DOGE, as it is seen as the cryptocurrency of the people.

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Why Elon Musk Not Giving Up Dogecoin Support

While Tesla Shop and SpaceX, both companies led by Elon Musk, have been accepting Dogecoin as a payment instrument for goods sold, Tesla has yet to accept it as a payment method for electric car purchases. However, Musk has indicated that they would consider incorporating Dogecoin as a payment method for electric cars at some point down the line.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.