Elon Musk: Tesla to Accept Dogecoin Payments in the Future
Elon Musk, the world’s richest man, has finally revealed that Tesla will allow customers to make payments using Dogecoin at some point. During a speech at the Berlin Gigafactory, Musk acknowledged that Dogecoin is already being used to purchase Tesla merchandise and expressed his enthusiasm for the meme coin, stating “Dogecoin to the moon.”
Musk has been a vocal supporter of Dogecoin and explained that he sees it as the “people’s crypto.” He shared how regular employees at Tesla and SpaceX kept urging him to support DOGE, which eventually led to his endorsement. As part of his support, Musk announced that Dogecoin will be integrated as a payment method at the upcoming Tesla Supercharging Station in Hollywood. Additionally, DOGE has already been used for transactions in Musk’s other venture, SpaceX, through a deal with Geometric Energy Corporation (GEC).
There have been speculations that DOGE payments could also be integrated into X Payments, an upcoming payment service owned by Musk’s company X (formerly Twitter). This move could further boost the adoption and utility of Dogecoin.
Musk’s Statement Boosts Dogecoin
Musk’s recent comments about Dogecoin have provided a much-needed boost for the meme coin. The token was experiencing a decline but rebounded after Musk’s endorsement, leading to significant gains. This reaffirmation of support comes at a crucial time for Dogecoin as it faces competition from other meme coins like Shiba Inu (SHIB) and Dogwifhat (WIF), which aim to surpass its popularity.
The lead developer of Shiba Inu, Shytoshi Kusama, confidently claimed that SHIB would dominate the market cycle. Meanwhile, the WIF community has taken steps to promote their coin by planning to project it on the Las Vegas Sphere. In this battle of memes, Musk’s backing of Dogecoin could prove crucial in maintaining its position as the most valuable meme coin.
At the time of writing, Dogecoin is trading at around $0.1853, representing a more than 7% increase in the last 24 hours, according to CoinMarketCap data.
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