Tesla officially integrates Dogecoin as a payment option, increasing its value.
According to CryptoPotato, Tesla, the electric car manufacturer run by Elon Musk, has officially added Dogecoin (DOGE) as a payment option to its website. This action contributed greatly to DOGE’s 35% increase this month. The payment page now includes Dogecoin, which can only be used to pay for specific things, including merchandise from the online Tesla Shop. Users are urged to check for the Dogecoin symbol next to the ‘order’ button to identify eligible products.
To make a Dogecoin purchase, you must first have a ‘Dogecoin wallet.’ The website’s disclaimer emphasizes that it is the purchaser’s obligation to ensure the appropriate transmission of Dogecoin to Tesla’s Dogecoin wallet. Following this news, Dogecoin’s value increased by 21% to $0.1685, and is currently trading at $0.1672, representing a 4% increase in the previous 24 hours. This suggests a positive market reaction to Tesla’s use of the cryptocurrency for payments.
Analysts believe DOGE is on a bullish trend, with several indices relating to the Dogecoin ecosystem showing significant growth. Over the last three months, the number of non-empty DOGE wallets has increased by 13.8%. The total daily volume of transactions over $100,000 has nearly reached $1.5 billion, representing a 12% increase over statistics recorded on May 1. Daily active addresses have increased by 20%, hitting 66,000. As of May 4, Dogecoin emerged as one of with a 6 percent gain.
This is not the first time Elon Musk’s firms have experimented with bitcoin payments. In January 2022, Tesla began accepting Dogecoin as an experiment, giving various corporate items in exchange for DOGE. SpaceX, another Musk-led enterprise, has also adopted Dogecoin payments. During Musk’s March 2024 visit to the Giga plant in Berlin, he hinted at incorporating Dogecoin payments for Tesla’s electric vehicles, leading DOGE to rise by 10% immediately.