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Elon Musk says Tesla will enable Dogecoin payments at some point

By:
on Mar 14, 2024
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  • Elon Musk confirms Tesla to accept Dogecoin for payments.
  • Dogecoin surges 11% following Musk's announcement.
  • DOGE price reacts positively to Musk's endorsement.

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Elon Musk, the CEO of Tesla and SpaceX, made headlines once again with his announcement at the Giga Berlin event regarding the potential inclusion of Dogecoin (DOGE) as a payment option for Tesla vehicles.

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During a Q&A session, Musk responded affirmatively to a question about the possibility of purchasing Tesla cars with Dogecoin, stating, “At some point, I think we should enable that.”

Elon Musk’s support for Dogecoin

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Musk’s endorsement of Dogecoin further solidifies his support for the cryptocurrency, which he has previously described as “the people’s crypto.”

The recent statements by Musk follow Tesla’s earlier acceptance of Dogecoin for merchandise purchases, a move inspired by suggestions from Tesla Gigafactory employees and SpaceX visitors.

Tesla’s official acceptance of Dogecoin for merchandise transactions began in January 2022, emphasizing the company’s openness to alternative payment methods beyond traditional currencies.

However, Musk has also clarified his reduced interest in cryptocurrencies more broadly, including assertions that Tesla would not introduce its cryptocurrency token.

However, speculation surrounds the X app and its potential integration of cryptocurrencies, particularly with the establishment of an ‘XPayments’ account for an upcoming payment feature.

While details remain unconfirmed, expectations suggest a rollout of the XPayments by mid-2024, raising questions about whether this feature will include cryptocurrency payments.

Dogecoin (DOGE) price reaction

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Following Musk’s announcement, Dogecoin experienced a surge in value, jumping 11% from $0.1712 to $0.191 within 30 minutes of the revelation.

At press time, DOGE price had made a slight retracement to trade at $0.188 but remained 9% up over the last 24 hours according to CoinMarketCap data.

This price increase reflects investor enthusiasm, highlighting the impact of Musk’s endorsement on the cryptocurrency market.

Previously, Musk’s advocacy for Dogecoin as a viable payment method for Tesla vehicles sparked optimism among investors, driving up the value of the meme-inspired cryptocurrency.

As the crypto community eagerly awaits further developments, Musk’s support for Dogecoin continues to shape the future of the digital currency and potentially spur its bullish trend towards $0.20 as indicated by Rekt Capital in an analytic tweet on DOGE.

Meanwhile, the reaction of Dogecoin’s price to Musk’s statements underscores the influence of prominent figures on cryptocurrency markets.

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