The price of Dogecoin (DOGE) has increased after payment using the same coin went live on Tesla’s online store.
DOGE is up over 4000% since Musk first tweeted about it in 2019.
Over the past 24 hours, the price of DOGE has risen over 17%, reaching a high of $0.199 and trading volume of approximately $3.8 billion since Dec. 14 according to data from CoinGecko and the total market cap at $3.8 billion.
Dogecoin and Tesla
Tesla CEO Elon Musk has supported and promoted Dogecoin on multiple platforms including US TV during interviews and at one point called Dogecoin “the future of money” during a skit in Saturday night live.
Additionally, on Musk’s social media post, his DOGE mentions are always associated with a major price move. He first mentioned Dogecoin on Twitter calling the crypto “pretty cool” on April 2, 2019.
In March 2021, Elon Musk enabled bitcoin payments for Tesla cars and less than two months later ended bitcoin payments until bitcoin went green. But that was long before electric vehicle maker Tesla resumed bitcoin payments; it resumed BTC payments in October of the same year.
Last month (December 2021), Musk said that Tesla would soon start accepting Dogecoin payments for its goods. And true to its word, Dogecoin payments on Tesla online stores have gone live for select items.
What customers can buy
Customers can now choose to purchase from a selection of items using the DOGE Coin.
Link: https://t.co/VZhhL4PbWH pic.twitter.com/iPTwRUWMOS
— Sawyer Merritt (@SawyerMerritt) January 14, 2022
Some of the selected items that customers can purchase using the meme coin include a “Giga Texas Belt Buckle” for 835 DOGE ($166), a Cyber Whistle for around 300 DOGE ($59), and an Electric Cyber Quad for 12 020 DOGE ($2,391). ).
Musk personally owns Ether (ETH), Bitcoin (BTC) and dogecoin (DOGE) and according to Bitcoin Treasuries, Tesla holds approximately 42,900 BTC on its corporate balance sheet, second only to MicroStrategy.