Elon Musk’s Tesla Adds Dogecoin to Its Payments Portfolio as DOGE Rises 20%

Since early March, the crypto space has been abuzz with rumors that Tesla, under the visionary leadership of Elon Musk, might begin accepting Dogecoin as a form of payment for its vehicles. Today, these rumors have become reality, marking a significant moment for both the auto industry and the cryptocurrency market.

Tesla has updated its payments page to include Dogecoin, officially announcing that the meme coin, widely adopted and celebrated in the cryptocurrency community, is now an accepted payment method for purchasing Tesla products. This move follows Musk’s enthusiastic comments in March during an event at the Tesla Gigafactory near Berlin, where he expressed, “It might be interesting to think about Dogecoin as a potential form of payment.”

Dogecoin, which was initially introduced as a joke, has seen its value and acceptance skyrocket, especially with Musk’s frequent endorsement via social media and public appearances. The decision to accept Dogecoin as payment, however, is limited to specific products in Tesla’s online store, and does not extend, for now, to car purchases.

Transactions with Dogecoin on the Tesla platform have specific rules: payment must be made from a single Dogecoin wallet and, once the purchase is made, there is no option to cancel or return it. “We do not accept payments from multiple wallets for a single order,” explains Tesla’s FAQ section.

Dogecoin (DOGE) Cryptocurrency Today

The cryptocurrency Dogecoin (DOGE), known for its meme-inspired theme, has seen a notable increase in its price over the past week. Trading above $0.12 for several weeks, Dogecoin has experienced robust growth of over 18%, standing out as the market’s top meme coin. Dogecoin traded near $0.17, showing an impressive 20% increase in the last 24 hours. At the time of publication, the price of DOGE was quoted at US$0.1605, up 16% in the last 24 hours.

Technical indicators reinforce an optimistic scenario for DOGE. The MACD indicator showed a bullish crossover, signaling intense buying pressure. The next major resistance is near $0.1850, above which the price could consolidate before moving higher.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.