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Elon Musk says Tesla to allow Dogecoin payments; What’s next for DOGE?

Elon Musk says Tesla to allow Dogecoin payments; What’s next for DOGE?

Tesla (NASDAQ: TSLA) CEO Elon Musk has reiterated his support for meme cryptocurrency Dogecoin (DOGE), stating that the electric vehicle (EV) manufacturer plans to enable DOGE payments for vehicles.

Musk made the revelations in response to a member of the audience during an event at the Tesla Berlin manufacturing plant. He noted that his support for DOGE is rooted in the cryptocurrency’s grassroots backing, citing it as a driving factor behind the decision.

He emphasized the community-driven nature of Dogecoin, labeling it as the “people’s crypto,” and stressed the importance of catering to the desires of everyday individuals. However, he did not offer the timeline for when the decision would be implemented. 

“At some point, I think we should enable that. <…> So Dogecoin to the moon. <…> Doge is the people’s people’s crypto, I’ll support it because lots of rich people were supporting Bitcoin (BTC). <…> Doge is for you,” Musk stated.

During the session, Musk also highlighted why he opted to back Dogecoin. 

 “A lot of people don’t know why I support Dogecoin. While I was walking around the factory in Tesla, a lot of regular guys said ‘Hey can you support DOGE’. Even at SpaceX, people working at factories, regular guys said ‘Please support DOGE’,” he said. 

Tesla’s current relationship with Dogecoin 

It’s worth noting that Tesla already has a relationship with Dogecoin. Musk announced in 2022 that the company’s merchandise can be bought using the meme coin. 

Musk’s decision to consider Dogecoin as a payment method aligns with his sustained support for the cryptocurrency. He has previously referred to Dogecoin as his favorite cryptocurrency, earning the moniker ‘Dogefather.’

Tesla’s potential acceptance of Dogecoin payments could have significant implications for electric vehicle manufacturers and the cryptocurrency market. It could further mainstream Dogecoin and contribute to its adoption as a viable digital payment method, potentially leading to increased demand and value for the cryptocurrency.

However, it’s important to mention that Musk’s statements regarding Dogecoin and Tesla’s potential acceptance of the cryptocurrency are subject to change as the company evaluates various factors and regulatory considerations before implementing such a payment option.

DOGE price analysis 

Indeed, Musk’s sentiments have added fuel to the Dogecoin bullish rally, which aligns with the overall market sentiments. 

By press time, DOGE was valued at $0.18, reflecting daily gains of over 8%, while the past seven days have seen the token gain by about 22%.

DOGE seven-day price chart. Source: Finbold

Overall, Tesla accepting Dogecoin for payments will boost the meme coin significantly as it seeks to solidify its position among the top ten digital currencies.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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