Tesla CEO Elon Musk announced on Twitter two days ago that the company is now accepting Dogecoin as a payment option for all items in the Tesla shop. Since accepting DOGE payments, some items in the store, which sells a variety of manufactured and branded Tesla goodies like quad bikes for kids, wireless portable chargers, men’s and women’s apparel, and accessories, have been inaccessible.
Dogecoin supporters were overjoyed at the announcement, as they had hoped Tesla would be the first major firm to accept their cryptocurrency.
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Elon Musk asked his Twitter followers in May 2021 if they wanted Tesla to accept Dogecoin. Following this, prices plummeted after a Saturday Night Live opening monologue in which the “Tesla techno king” alluded to Dogecoin as a “hustle.” Elon Musk had catapulted the meme coin to a historic 12,000 percent increase in value.
Around the end of 2021, supporters began to consider the possibility of a Dogecoin and Starlink (Elon Musk’s internet business) corporation, and it was then that Elon Musk slashed DOGE’s price by about 35%, following a December tweet in which he revealed that Tesla would be accepting Doge as a payment option.
Tesla has previously experimented with cryptocurrencies as a method of payment. Elon Musk announced in March 2021 that Tesla would begin accepting Bitcoin as a payment mechanism, but he later canceled the program after learning how energy-intensive and environmentally destructive it was.