Memecoins
Tesla’s Dogecoin Adoption Sends Crypto Market Into a Frenzy, Meme Coin Rises Over 21% – Tesla (NASDAQ: TSLA)
Elon MuskIt is Tesla Inc. TSLA officially incorporated Dogecoin DOGE/USD as payment option, but with a specific limitation.
What happened: Tesla updated its payments page to include Dogecoin for merchandise purchases on its online platform.
The update also hints at the possibility of Dogecoin being accepted for specific products in the future.
Tesla’s association with Dogecoin is not new. In January 2022, the company accepted meme cryptocurrency for the first time for merchandise such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Later, SpaceX, another company led by Musk, followed suit.
In March 2024, Musk suggested that Tesla could accept Dogecoin payments for its electric cars during a visit to the Giga factory in Berlin. This led to a 10% increase in the price of DOGE, although this increase was short-lived.
Read also: Forget Dogecoin and Shiba Inu – This Meme Coin Surged Nearly 70% in Just 24 Hours
The recent announcement of Tesla’s expanded use of Dogecoin caused the meme coin’s value to skyrocket by over 21% in the past 24 hours.
Why is this important: Musk’s influence on the crypto market, particularly Dogecoin, has been significant. In March 2024, Dogecoin saw a remarkable $800 million surge in open interest within three days, following Musk’s efforts.
However, Musk’s relationship with Dogecoin has had its fair share of controversies.
In June 2023, Musk denied owning Dogecoin in response to a lawsuit accusing him of price manipulation. The following month, Musk was accused of financing a “Illegal harassment campaign” against Dogecoin investors.
Despite these controversies, Tesla’s recent decision to accept Dogecoin for merchandise purchases demonstrates continued interest in the cryptocurrency and could potentially influence its future market performance.
This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
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