The largest automaker by market capitalization, Tesla, allowed Dogecoin payments months after it halted BTC settlements due to environmental concerns. As a result, DOGE’s price soared into double digits.
- It’s no secret that Elon Musk, the current richest man, is a fan of the original memecoin – Dogecoin. His support, however, went to another level just recently when Tesla, one of the companies he runs, decided to allow DOGE payments for its products.
- The company explained that users wishing to opt for the memecoin option must have such a wallet and they can transfer funds via an alphanumeric code or a QR code once logged in.
- The electric vehicle giant has promised to update its prices to be displayed in DOGE as well, but for now they are still in fiat currencies. All Tesla products “will be clearly priced in Dogecoin.”
- Tesla also warned potential DOGE customers that orders placed with the memecoin “can no longer be cancelled.” Additionally, all such purchases are “final sale” and cannot be returned, exchanged or cancelled.
- The company pointed out that Dogecoin is the only cryptocurrency it accepts. Recall that the company allowed bitcoin payments last year, but halted the initiative months later citing environmental concerns.
- Shortly after the news broke, DOGE jumped 30% from $0.16 to a monthly high of $0.21. For now, memecoin has pulled back slightly and is sitting just below $0.2.
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