Tesla Customers Can Now Pay For Products Using Dogecoin, Possible Rally to $1?
Tesla, an electric car manufacturing company, has revealed an update that has sent excitement across the crypto community, adding Dogecoin as a payment method for selected products on its website. The news which Dogecoin enthusiasts positively received, caused the price of the memecoin to surge by over 20%.
This update comes a month after its CEO, Elon Musk teased Dogecoin as a possible payment option for its cars in the future. Elon Musk has always been known as a top supporter of the trending token and has catalyzed its price movement in the past, hence his choice to update payment methods to include DOGE.
Tesla Now Supports Dogecoin
Popular electric car manufacturing company headed by Elon Musk, Tesla, has included Dogecoin as a means of payment for specific products in its shops. However, at the time of writing, it is not sure if the digital asset will be accepted for car payments. According to information from the Dogecoin (DOGE) support page on the Tesla website, customers can only purchase selected items from the shops using a Dogecoin wallet (any platform or app that supports Dogecoin transfers). Furthermore, customers will see a Tesla Dogecoin address in both alphanumeric and QR code form when checking out, to enable them to connect their wallet to transfer DOGE.
Tesla adds that selected products will be priced in Dogecoin and the prices will include any applicable taxes. Additionally, Tesla stressed that it is the responsibility of customers to ensure that payments are made correctly and within the stipulated time as shown on the timer on the payment page. Any delayed payments could result in a restart of the order process accompanied by an updated Dogecoin price and wallet address. To know which products are eligible to be purchased with Dogecoin, customers are to look out for the DOGE symbol next to the “order” button on the product page.
Importantly, customers are informed that Tesla only accepts Dogecoin, and payments made with any other cryptocurrencies may be lost. “Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser,” the website says.
Dogecoin (DOGE) Price Reacts, Possible $1 Rally?
Meanwhile, following the update, the price of Dogecoin reacted swiftly, jumping by more than 20% to trade above $0.16. At the time of writing, DOGE is changing hands at $0.164, representing a 3.67% increase in the last 24 hours.
What is more, the volume has also surged by a significant amount. Per the CMC data, Dogecoin’s 24-hour trading volume has skyrocketed by 83.43% to $2.9 billion with a live market cap of $23.1 billion. According to CoinGlass statistics, there has been a 26% spike in total Dogecoin futures open interest during the last 24 hours and a more than 9% increase in open interest in the last 4 hours. This suggests that futures traders are making large purchases.
In the future, Dogecoin enthusiasts and investors are positive about an even further price upswing to the $0.2 mark. With the possible inclusion of Dogecoin as a payment method across other Elon Musk products (including X), Dogecoin might just be on its way to $1 faster than expected.
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