The electric manufacturer, led by billionaire Elon Musk, has begun to allow customers to purchase brand products using Dogecoin. This cryptocurrency once began as a joke and has gradually grown to be the internet’s favourite.
On Friday, Mr Musk revealed the news on Twitter, almost a month after teasing at the plan.
Dogecoin is now accepted for some of the products on Tesla’s website. Elon Musk, CEO of Tesla, followed through on a promise in December that his electric car manufacturer would take DOGE for payments. In the meanwhile, it should be noted that Tesla has yet to restart accepting bitcoin.
Musk tweeted early Friday morning:
Dogecoin rose approximately 10% after Musk’s post but has subsequently lost much of its gains.
Tesla’s online store now sells a few things that can only be purchased using the meme cryptocurrency. They are as follows: a Cybertruck Graffiti Cuffed Beanie for 205 DOGE; a Giga Texas Belt Buckle for 835 DOGE; a Cyberquad for Kids for 12,020 DOGE; and a Cyberwhistle for 300 DOGE.
Tesla’s involvement in the crypto world
Tesla has been pushing deeper into the cryptocurrency sector over the last year.
Tesla spent $1.5 billion on Bitcoin in early 2021.
Shortly after, the company began taking bitcoin as payment for new automobiles. Later, Tesla CEO Elon Musk discussed the possibility of accepting Dogecoin as payment for its cars.
But much to surprise, Tesla took a step back with cryptocurrency a few days later by deleting the bitcoin payment option. The business expressed worry about the Bitcoin network’s energy requirements:
The reaction of the Twitter Community
The crypto community has been going crazy ever since Mr Musk announced, and crypto enthusiasts are extremely happy. Here are a few reactions below:
Nonetheless, after Q3, Tesla had BTC on its financial sheet valued at around $1.26 billion. While the corporation has no DOGE, Mr Musk stated the last yeaar that he and his rocket firm, Space Exploration Technologies Corp., or SpaceX, own bitcoin. The billionaire CEO also indicated that he owns ethereum and dogecoin. However, those assets are worth less than his bitcoin holding.
Doge is currently trading at $0.1892 at the time of writing.