Tesla is once again taking cryptocurrency payments. The major electric car manufacturer announced earlier today that it is now accepting payment for some of its items via its platform using the popular meme coin, Dogecoin.
According to available information, Tesla customers who want to utilize the new payment option must have a DOGE-enabled wallet from which they may send money once connected.
Tesla’s adoption demonstrates Elon Musk’s involvement in bringing the currency mainstream. It is no secret that the world’s richest man has consistently shown his support for the currency via various tweets and activities.
The new step demonstrates Musk’s willingness to go to great lengths to further the meme coin’s cause.
While some of the goods’ pricing are currently listed in US dollars, the firm has said that all of its prices would soon be published in DOGE. The Giga Texas Belt Buckle is now available for 835 DOGE (about $155). Another product, Cyberquad for Kids, has a price of 12020 DOGE, which equates to $2339.
It should be reminded that DOGE purchases cannot be canceled, refunded, or exchanged for a different product.
Tesla’s Crypto Experiment
This is not the first time the world’s biggest automaker by market capitalization has dabbled with cryptocurrency.
Last year, Tesla was one of the big conventional organizations to acquire Bitcoin. In February of last year, Elon Musk’s business bought $1.5 billion worth of the currency and announced that it would take the token as payment for its automobiles.
However, it then reversed its decision to accept the currency because to environmental issues related with mining the asset.
We subsequently revealed in October that the corporation had generated a $1 billion profit on the investment.
The price of Dogecoin has risen by more than 10%
Shortly after Tesla’s acceptance was announced, the price of Dogecoin increased by more than 10%, from $0.16 to as high as $0.21.
Though the asset’s price has already adjusted to $0.19, the tiny price rise demonstrates the extent of impact the news had on its price movement.
Notably, the latest price increase is a continuation of the coin’s recent favorable trend. According to CryptoSlate statistics, its value has increased by about 2% in the previous 30 days, 13.5 percent in the last 14 days, and more than 20% in the last 7 days.