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Dogecoin Price Soars as Tesla Starts Accepting DOGE for Some Products

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Fri, 01/14/2022 - 05:17
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Alex Dovbnya
Elon Musk announced that Tesla would start testing Dogecoin payments last month
Dogecoin Price Soars as Tesla Starts Accepting DOGE for Some Products
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Electric car giant Tesla has started pricing some of its products in Dogecoin, the original meme cryptocurrency.

The price of the Shiba Inu-inspired coin is up more than 12%, according to CoinMarketCap data.

Some Twitter users, including Dogecoin co-founder Billy Markus, spotted the DOGE symbol next to the Tesla Cyberwhistle and the “Giga Texas” belt buckle earlier today.

Tesla doesn’t accept Dogecoin for electric cars, but one can technically buy an electric vehicle with the largest meme coin. Tesla's Cyberquad, a $1,900 quad bike designed for children, can be purchased with DOGE.    

As reported by U.Today, Tesla CEO Elon Musk announced that the company would make some merch buyable with Dogecoin in December, giving the cryptocurrency a major boost after months of lethargic price action.

"Tree of Alpha," a pseudonymous software engineer, noticed that Tesla had started testing a Dogecoin payment option earlier this week after analyzing the website's source code.  

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In its FAQ section, Tesla highlights that it doesn't accept any other cryptocurrencies apart from Dogecoin. 

The e-car giant dabbled into Bitcoin payments in May 2021, but it then dropped them due to environmental concerns. Yet, the Musk-helmed company continues to hold the largest cryptocurrency on its balance sheet. 

The centibillionaire has repeatedly touted Dogecoin as a better alternative for payments compared to Bitcoin.

The release of version 1.14.5 of Dogecoin Core dramatically reduced fees for all network participants.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.