DOGE Skyrockets After Tesla Adds Dogecoin аs Payment Method

Tesla, the renowned electric car manufacturer led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment option on its website.

This month, DOGE has surged over 35%, with the Tesla announcement significantly fueling its rise.

Tesla Integrates DOGE Payments

Tesla has officially embraced Dogecoin, with the payment page updated to feature the OG meme coin. The addition specifies that DOGE can only be used to pay for select products, including merchandise within the online Tesla Shop.

The first response in the FAQs section instructs users to search for the Dogecoin symbol next to the “order” button for eligible products. According to the support page, individuals interested in making a purchase on the Tesla shop using Dogecoin must first own a “Dogecoin wallet.”

A disclaimer also states, “It is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.”

Following the announcement, Dogecoin surged by 21% to $0.1685, presently trading at $0.1672, marking a 4% increase in the last 24 hours, indicative of the market’s favorable response to Tesla’s adoption of the cryptocurrency for payments.

Meanwhile, analysts suggest that DOGE is on a bullish path. Various indicators related to the Dogecoin ecosystem have seen notable increases. Over the past three months, the number of non-empty DOGE wallets has surged by 13.8%.

The aggregate daily volume for transactions exceeding $100,000 has nearly reached $1.5 billion, marking a 12% rise compared to figures observed on May 1.

Daily active addresses have experienced a 20% increase, surpassing 66,000. As of May 4, Dogecoin stood out as one of the top performers with a 6% increase doubling down on its bull run.

Tesla’s History with DOGE

This isn’t the first time Elon Musk’s companies have dabbled in cryptocurrency payments. Elon Musk had previously stated that Tesla would start accepting Dogecoin as payment for some of its merchandise.

In January 2022, Tesla began accepting Dogecoin as an experiment, offering various company merchandise for DOGE, such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Following suit, SpaceX, another Musk-led company, also embraced Dogecoin payments.

Fast forward to March 2024, during Musk’s visit to the Giga factory in Berlin, where he hinted at implementing Dogecoin payments for Tesla’s electric cars. Musk’s statement caused a 10% price surge in DOGE immediately after.