Elon Musk’s Tesla Adds Dogecoin As Payment Method, DOGE Price Rally 20%

Elon Musk, Dogecoin fan and CEO of Tesla, has reportedly added Dogecoin as a payment method for some Tesla products, as per a FAQs section on the official website of Tesla. It follows a month after Elon Musk hinted at accepting Dogecoin as an official form of payment for its cars at some point in the future.

Traders reacted immediately to the news and DOGE price skyrocketed over 20% in the last 24 hours, with the price changing hands at $0.16. Regardless of the buzz in the crypto community, Tesla hasn’t confirmed whether Dogecoin is an acceptable payment for Tesla cars.

Dogecoin Appears Among Payment Options on Tesla Website

Elon Musk’s electric car manufacturer Tesla has started accepting Dogecoin as a payment method at Tesla Shops. According to a Dogecoin support page on the Tesla website, customers need to look at the Dogecoin symbol next to the “order” page of Dogecoin-eligible products. As per Wayback Machine, the latest update on the page was done today, May 4.

Tesla products can be purchased through a Dogecoin wallet only. “All eligible Tesla products will be clearly priced in Dogecoin. This price will include any applicable taxes,” as per a FAQ.

However, there are some terms when making Dogecoin payments. These include — not accepting payments from multiple wallets for a single order, an order once placed can’t be canceled, and returns are not applicable for items purchased with Dogecoin.

“Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin.”

In March, Elon Musk hyped up the meme coin to a crowd at the Tesla Gigafactory near Berlin, Germany. When asked about when the electric vehicle maker to start accepting Dogecoin as a payment for its cars, Musk said he thinks the company “should enable that…at some point.”

DOGE Price Pumps Over 20%

DOGE price jumped more than 20% in the past 24 hours, with the price currently trading at $0.16. The 24-hour low and high are $0.137 and $0.161, respectively. Furthermore, the trading volume has surged over 90% in the last 24 hours, indicating a massive interest among traders.

Total Dogecoin futures open interest has increased by 26% over 24 hours and a more than 9% jump in open interest in the past 4 hours, as per CoinGlass data. This indicates massive buying from futures traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.