Dogecoin Rises After becoming a Payment Option for Tesla

The price of Dogecoin (DOGE) rose more than 20% when Elon Musk stated that this crypto asset can be used to buy Tesla products.

Tesla Inc CEO Elon Musk tweeted, “Tesla merch buyable with Dogecoin,” to the delight of Dogecoin supporters. DOGE’s price has plummeted to $0.1411 (about Rs 10.46) on January 10, 2022, amid a slump in all cryptocurrency tokens since the start of the New Year. According to CoinMarketCap statistics, DOGE has been on the mend since then.

Musk had previously stated in December 2021 that such usage of dogecoin would be permitted on a trial basis, causing the crypto token to skyrocket by more than 20 percent.

Dogecoin may now be used to purchase a variety of merchandise, including the Cyberquad for Kids (12,020 Doge, or £1499.80), the Giga Texas Belt Buckle (835 Doge, or £104.19), and the Cyberwhistle (300 Doge, or £37.43).

However, it erased nearly 6% of its gains on Monday (January 17). This is most likely due to investors profiting from the currency gain by selling their shares. Dogecoin may now be used to purchase a variety of merchandise, including the Cyberquad for Kids (12,020 Doge, or £1499.80), the Giga Texas Belt Buckle (835 Doge, or £104.19), and the Cyberwhistle (300 Doge, or £37.43).

On December 14, 2021, Musk initially announced the news, noting that Tesla will “see how it goes.”

Dogecoin’s value increased by about 15% as a result of Elon Musk’s Tweet. Click here to know more about the future of Dogecoin. Elon Musk has been an outspoken advocate of Dogecoin for a long time. Dogecoin, he previously stated, may be his favorite cryptocurrency.

In May of last year, when the coins were experiencing a boom, the tech mogul hinted at his ambitions. He posted a poll on Twitter, asking if followers wanted Tesla to take Dogecoin.

Shortly after, SpaceX, another of Musk’s firms, began taking Dogecoin payments.