Tesla Now Accepts Dogecoin: DOGE Price Surges 20%

Elon Musk Adds Dogecoin as Payment Option for Tesla Products

Elon Musk has delighted Tesla shoppers by announcing the addition of Dogecoin as a payment method for select products. This update follows Musk's earlier hints, as a known Dogecoin enthusiast and Tesla CEO, about considering the cryptocurrency as an official payment option for Tesla cars.

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Upon the news, Dogecoin's price soared over 20% within 24 hours, reaching $0.16. However, it's crucial to note that Tesla has yet to confirm whether Dogecoin can be used to purchase its cars, despite the excitement within the crypto community.

Tesla Accepts Dogecoin at Tesla Shops

Tesla, Elon Musk's electric car company, has recently announced that it will now accept Dogecoin as a payment method at Tesla Shops. According to a Dogecoin support page on the Tesla website, customers can now use Dogecoin to purchase eligible Tesla products by identifying the Dogecoin symbol adjacent to the "order" button on eligible items. This update was implemented as early as May 4, as verified by the Wayback Machine.

Purchasers using Dogecoin must make payments through a Dogecoin wallet. All eligible Tesla products will display prices clearly denominated in Dogecoin, including applicable taxes, as stated in the frequently asked questions (FAQ) section.

Payment Terms and Restrictions

Certain terms apply when making payments with Dogecoin. These include restrictions on using multiple wallets for a single order, no cancellations after an order is placed, and no returns for items purchased with Dogecoin.

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Additionally, it's important to note that Tesla exclusively accepts Dogecoin as a form of payment and cannot process any other digital assets. This decision aligns with Musk's previous remarks about Dogecoin during an event at the Tesla Gigafactory in Germany in March. When asked about the possibility of Tesla accepting Dogecoin for car purchases, Musk expressed his support, suggesting it could happen "at some point."

DOGE Price Surges 20% Amid Increased Trading Activity

The price of Dogecoin (DOGE) has experienced a significant surge of over 20% in the past 24 hours, reaching $0.16. Notably, the cryptocurrency's price fluctuated between $0.137 and $0.161 within the same timeframe. The surge in trading volume, which has increased by over 90% in the last 24 hours, suggests a substantial interest among traders in DOGE.

Data from CoinGlass indicates a remarkable increase in total Dogecoin futures open interest, rising by 26% over the past 24 hours. Additionally, there has been a notable uptick of more than 9% in open interest within the last 4 hours alone. These statistics suggest a significant influx of buying activity from futures traders, further contributing to the bullish sentiment surrounding DOGE.

Important Notice: This article is solely intended to provide information and should not be construed as legal, tax, investment, financial, or any other type of advice.